Technical analysis

EURGBP Wave Analysis – 16 August, 2019

EURGBP Wave Analysis – 16 August, 2019
  • EURGBP reversed from resistance area
  • Further losses are likely

EURGBP previously reversed down precisely from the resistance area lying between the multi-year resistance level 0.9300 (which has been reversing the price from 2016) and the upper weekly Bollinger Band.

If the price closes this week near the active levels it will form the weekly Japanese candlesticks reversal pattern Bearish Engulfing.

EURGBP is expected to fall further and retest the next support level 0.9070 (former strong resistance from 2018).

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