Technical analysis

EURGBP Wave Analysis – 5 July 2023


– EURGBP falling inside wave (ii)

– Likely to reach support level 0.8515

EURGBP currency pair continues to fall inside the minor corrective wave (ii), which started earlier from the key resistance level 0.8635 .

The active corrective wave (ii) belongs to the higher order upward impulse wave 1 from last month.

Given the multi-month downtrend and the continued euro sales across the FX markets, EURGBP currency pair can be expected to fall further toward the next support level 0.8515 (previous monthly low from June).

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