EURGBP Wave Analysis – 7 July, 2022

• EURGBP broke key support level 0.8500 50
• Likely to fall to support level 0.8430

EURGBP currency pair recently broke the key support level 0.8500 (which stopped the previous waves a and (4), as can be seen below).

The breakout of the support level 0.8500 coincided with the breakout of the 50% Fibonacci correction of the upward impulse from April.

Given the strongly bullish sterling sentiment, EURGBP can be expected to fall further toward the next support level 0.8430 (target for the completion of the active ABC correction (2)).