EURGBP Wave Analysis – 4 January, 2022

• EURGBP broke support zone

• Likely to fall to support level 0.8300

EURGBP currency pair recently broke the support zone lying at the intersection of the support level 0.8400 (previous monthly low from November) and the support trendline of the daily down channel from April.

The breakout of this support zone accelerated the active impulse waves 3 and (3).

Given the strong daily downtrend – EURGBP currency pair can be expected to fall further toward the next support level 0.8300 (target price for the completion of the active impulse wave (iii)).