EURGBP Technical Analysis Report 5 May, 2021

• EURGBP reversed from resistance area
• Likely to fall to support level 0.8600

EURGBP currency pair recently reversed down from the key resistance area lying between powerful resistance level 0.8710 (which has been reversing the price from the end of April) and the upper daily Bollinger Band. The downward reversal from this resistance area started the active minor impulse wave (c) of the ABC correction 2 from the end of April.

Given the proximity of the aforementioned resistance area and the strengthening bullish starling sentiment – EURGBP currency pair can be expected to fall further toward the next support level 0.8600 (low of the previous wave (2) and the target for the completion of the active correction 2).

Was this post helpful?