EURGBP Wave Analysis – 7 December, 2022

• EURGBP reversed from support level 0.8580

• Likely to rise to resistance level 0.8670

EURGBP recently reversed up from the key support level 0.8580 (which has been reversing the price from the start of September), standing near the lower daily Bollinger Band.

The upward reversal from the support level 0.8580 started the active short-term correction (ii) – which belongs to wave (c) from the start of November.

EURGBP can be expected to rise further toward the next resistance level 0.8670 (top of the previous minor correction iv).