Technical analysis

EURGBP Wave Analysis – 19 August, 2019

EURGBP Wave Analysis – 19 August, 2019
  • EURGBP reversed from support area
  • Further gains are likely

EURGBP recently reversed up from the support area lying between the support level 0.91100 (former powerful resistance from August and December) and the 50% Fibonacci correction of the previous upward impulse from July.

This support area was further strengthened by the support trendline of the daily up channel from May.

EURGBP is expected to rise further and retest the next resistance level 0.9320 (which reversed the price sharply at the start of August).

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