Technical analysis

EURGBP Wave Analysis 3 May, 2021

• EURGBP reversed from resistance level 0.87160

• Likely to fall to support level 0.8600

EURGBP recently reversed down from the resistance level 0.87160 (which has been reversing the price from the end of February).

The resistance area near the resistance 0.87160 was further strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from January.

EURGBP is likely to fall further toward the next support level 0.8600 (low of the previous correction B and the target for the completion of the active minor retracement (ii)).

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