Technical analysis

EURGBP Wave Analysis – 31 October, 2022

EURGBP Wave Analysis – 31 October, 2022

• EURGBP reversed from support level 0.8590

• Likely to rise to resistance level 0.8700

EURGBP currency pair recently reversed up from the key support level 0.8590 (former resistance from July), standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from March.

The upward reversal from the support level 0.8590 started the active short-term correction b.

EURGBP can be expected to rise further toward the next resistance level 0.8700 (target price for the completion of the active wave b).

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