EURGBP Wave Analysis – 6 October, 2022

• EURGBP reversed from support level 0.8675

• Likely to rise to resistance level 0.8800

EURGBP currency pair recently reversed up from the key support level 0.8675 (previous monthly high from June), intersecting with the 61.8% Fibonacci correction of the upward impulse from August.

The upward reversal from this support level 0.8675 stopped the earlier short-term impulse wave A.

Given the clear daily uptrend, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8800.