Technical analysis

EURGBP Wave Analysis 17 March, 2021

EURGBP Wave Analysis 17 March, 2021

• EURGBP reversed from support level 0.8550

• Likely to reach resistance level 0.8650

EURGBP currency pair recently reversed up from the key support level 0.8550 (which stopped the previous sharp impulse waves 3 and (i) as can be seen below).

The support zone near the support level 0.8550 was strengthened by the lower daily Bollinger Band.

With the oversold reading on the daily Stochastic – EURGBP currency pair is likely to rise further toward the next resistance level 0.8650 (top of the previous correction (ii)).

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