EURGBP Wave Analysis 8 August 2024

– EURGBP reversed from resistance zone

– Likely to fall to support level 0.8540

EURGBP currency pair earlier reversed down from the resistance zone set between the pivotal resistance level 0.8620 (which has been reversing the price from January) and the upper daily Bollinger Band.

The downward reversal from the resistance zone created the daily candlesticks reversal pattern Evening Star Doji – which marked the end of the previous correction ii.

Given the strength of the resistance level 0.8620, overbought daily Stochastic and the bullish sterling sentiment, EURGBP currency pair can be expected to fall further toward the next support level 0.8540.