EURGBP Technical Analysis 17 November, 2021

• EURGBP broke key support level 0.8415
• Likely to fall to support level 0.8350

EURGBP currency pair continues to fall after recently breaking the key support level 0.8415 (which has been reversing the price from the middle of October, as can be seen from the daily EURGBP chart below). The breakout of the support level 0.8415 accelerated the active short-term impulse wave (iii) of the higher order downward impulse wave 5 from April.

Given the clear daily downtrend and the rising sterling optimism seen across the currency markets today, EURGBP currency pair can be expected to fall further in the active impulse wave (iii) toward the next support level 0.8350.

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