Euro Rally

EURGBP Technical Analysis Report 6 July, 2021

• EURGBP reversed from support zone
• Likely to rise to resistance level 0.8600

EURGBP currency pair recently revered up from the strong support zone lying between the key support level 0.8535 (previous monthly low from June) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term impulse waves (iii) and 3, which belong to the higher order downward impulse sequence (3) from the end of May.

Given the strength of the aforementioned support zone – EURGBP currency pair can be expected to rise further toward the next resistance level 0.8600 (top of the previous minor corrective wave (ii) from the end of June).

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