EURGBP Technical Analysis 28 December, 2021

• EURGBP under the bearish pressure
• Likely to fall to support level 0.8385

EURGBP currency pair under the bearish pressure after the earlier breakout of the key support level 0.8420 (which stopped the price earlier this month as can be seen from the daily EURGBP chart below). The breakout of the support level 0.8420 1300.00 accelerated the active minor impulse wave (iii) of the longer-term downward impulse wave 3 from the start of December.

Given the clear daily downtrend – EURGBP can be expected to falls further in the active impulse waves (iii) and 3 toward the next strong support level 0.8385 (monthly low from November and the target for the completion of the active minor impulse wave (iii)).

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