Technical analysis

EURGBP Wave Analysis 25 March, 2021

EURGBP Wave Analysis 25 March, 2021

• EURGBP reversed from resistance level 0.8640

• Likely to reach support level 0.8550

EURGBP currency pair recently reversed down from the pivotal resistance level 0.8640 (which has been reversing the price from the start of March) – intersecting with the 50% Fibonacci correction of the downward impulse from February.

The downward reversal from the resistance level 0.8640 stopped the previous minor corrective wave (ii).

Given the clear daily downtrend and growing sterling bullishness – EURGBP is likely to fall further toward the next support level 0.8550 (which stopped multiple waves from February).

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