EURGBP Wave Analysis – 28 July, 2022

• EURGBP broke key support level 0.8400

• Likely to fall to support level 0.8350

EURGBP currency pair recently broke the key support level 0.8400 (which has been reversing the pair from the middle of May) intersecting with the 61.8% Fibonacci correction of the upward price move from April.

The breakout of the support level 0.8400 accelerated the active minor impulse wave 1 – which belongs to the higher order impulse wave (C) from last week.

EURGBP can be expected to fall further toward the next support level 0.8350 (target price for the completion of the active minor impulse wave 1).