Technical analysis

EURGBP Wave Analysis – 8 June, 2021

• EURGBP reversed from support area

• Likely to rise to resistance level 0.8665

EURGBP currency pair recently reversed up from the support area lying between the major support level 0.8585 (which has been reversing the price from the middle of April), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse (1) from April.

The upward reversal from this support zone stopped the previous short-term ABC correction 2 from May.

Given the strongly bearish sterling sentiment seen across the FX markets today – EURGBP can then be expected to rise further toward the next resistance level 0.8665 (top of the previous impulse wave 1 from last month).

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