Technical analysis

EURGBP Wave Analysis – 29 August, 2022

EURGBP Wave Analysis – 29 August, 2022

• EURGBP broke key resistance level 0.8510

• Likely to rise to resistance level 0.8585

EURGBP currency pair recently broke the resistance level 0.8510 (which stopped the pair earlier this month) intersecting with the 50% Fibonacci correction of the earlier downward correction from July.

The breakout of the resistance level 0.8510 accelerated the active medium-term impulse wave (3) from the middle of August.

Given the prevailing euro optimism, EURGBP can be expected to rise further toward the next resistance level 0.8585 (top of wave (B) from July).

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