Technical analysis

EURGBP Wave Analysis 29 August 2023

– EURGBP broke resistance level 0.8590

– Likely to test resistance level 0.8655

EURGBP currency pair recently broke above key resistance level 0.8590, intersecting with the 61.8% Fibonacci correction of the downward impulse from the start of August.

The breakout of the resistance level 0.8590 accelerated the active short-term correction ii.

Given the strong sterling sales across the FX markets, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8655 , which has been reversing the pair since June.

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