Technical analysis

EURGBP Wave Analysis 19 April, 2021

• EURGBP reversed from resistance level 0.8700

• Likely to fall to support level 0.8550

EURGBP recently reversed down from the resistance level 0.8700 (which has been steadily reversing the price from the end of February) – strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from January.

The downward reversal form the resistance level 0.8700 started the active minor corrective wave (b).

EURGBP is likely to fall further toward the next support level 0.8550 (target price for the completion of the active corrective wave (b)).

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