Technical analysis

EURGBP Wave Analysis – 25 November, 2022

EURGBP Wave Analysis – 25 November, 2022

• EURGBP reversed from support level 0.8590

• Likely to rise to resistance level 0.8700

EURGBP just recently reversed up from the pivotal support level 0.8590 (that has been repeatedly reversing this currency pair from the middle of July, as can be seen below), standing near the daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from March

The upward reversal from the support level 0.8590 stopped the previous intermediate ABC correction (2) from the start of November.

EURGBP can be expected to rise further in the active impulse wave (3) toward the next resistance level 0.8700.

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