Euro Rally

EURGBP Technical Analysis Report 24 January, 2022

• EURGBP reversed from support level 0.8300
• Likely to rise to resistance level 0.8400

EURGBP currency pair recently reversed up from the long-term support level 0.8300 (which has been reversing the pair from the start of 2017, as can be seen from the weekly EURGBP chart below), intersecting with the lower weekly and daily Bollinger Bands. The upward reversal from the support level 0.8300 stopped the earlier intermediate impulse wave (C) from the end of 2020.

Given the strength of the support level 0.8300 and the rising bearish sterling sentiment seen across the currency markets today- EURGBP currency pair can be expected to rise further toward the next resistance level 0.8400.

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