Technical analysis

EURGBP Wave Analysis – 25 May, 2022

EURGBP Wave Analysis – 25 May, 2022

• EURGBP reversed from resistance level 0.8590
• Likely to fall to support level 0.8450

EURGBP currency pair recently reversed down from the key resistance level 0.8590 (which has been reversing the price from last November) strengthened by the upper daily Bollinger Band.

The downward reversal from the resistance level 0.8590 is currently forming the daily reversal pattern Bearish Engulfing.

Given the strength of the resistance level 0.8590, EURGBP can be expected to fall further toward the next support level 0.8450.

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