Technical analysis

EURGBP Wave Analysis 8 August 2023

– EURGBP reversed from resistance level 0.8660

– Likely to fall to support level 0.8560

EURGBP currency pair recently reversed down from the pivotal resistance level 0.8660, former support from May, which has been reversing the pair from June.

The resistance level 0.8660, was strengthened by the upper daily Bollinger Band, daily down channel from February and and by the 38.2% Fibonacci correction of the downward impulse from April.

Given the clear daily downtrend, EURGBP can be expected to fall further toward the next support level – 0.8560.

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