EURGBP Wave Analysis 27 January, 2021

• EURGBP broke multi-month support level 0.8865

• Likely to fall to support level 0.8800

EURGBP under strong bearish pressure – after this currency pair broke the key multi-month support level 0.8865 (which has been reversing this currency pair from the start of June, as can be seen below).

The breakout of the support level 0.8865 is aligned with the active impulse minor impulse wave (c) – which belongs to wave 2 from last September.

Given the strongly bearish euro sentiment after ECB remarks – EURGBP is expected to fall further toward the next support level 0.8800 (target price for the completion of the active impulse wave (c)).