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HomeMarket NewsEURGBP Technical Analysis Report 20 May, 2024
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EURGBP Technical Analysis Report 20 May, 2024

– EURGBP reversed from resistance area

– Likely to fall to support level 0.8525

EURGBP currency pair recently reversed down from the resistance area set between the key resistance level 0.8620 (which has been reversing the price from the start of January, as can be seen from the daily EURGBP chart below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from November. The downward reversal from the resistance zone stopped the previous minor impulse wave i from the end of April.

Given the strength of the resistance level 0.8620 and the clear daily downtrend, EURGBP currency pair can be expected to fall further toward the next support level 0.8525, which is the low of the previous corrective wave ii.

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