EURGBP Wave Analysis – February 9, 2023

• EURGBP moves inside correction (ii)

• Possible test of 0.8800 support level

The EURGBP currency pair previously reversed down with the daily bearish engulfing from the strong resistance area surrounding the key resistance level 0.8950 (which also reversed the pair in September).

A downward reversal from the resistance level 0.8950 marked the beginning of an active short-term ABC correction (ii).

Given the increased bullish pressure on the pound sterling, EURGBP can be expected to fall further towards the next support level at 0.8800.