Technical analysis

EURGBP Wave Analysis – 31 March, 2022

EURGBP Wave Analysis – 31 March, 2022

• EURGBP reversed from resistance level 0.8480
• Likely to fall to support level 0.8400

EURGBP currency pair recently reversed down sharply from the strong resistance level 0.8480 (the previous monthly high from February).

The resistance area near the resistance level 0.8480 was strengthened by the upper daily Bollinger Band, the daily down channel from May, and by the 61.8% Fibonacci correction of the downward impulse from September.

Given the strongly bearish euro sentiment – EURGBP can be expected to fall further toward the next support level 0.8400.

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