EURGBP Technical Analysis Report 23 May, 2024
EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.
– EURGBP reversed from key powerful support level 0.85000
– Likely to rise to resistance level 0.8560
EURGBP currency pair just reversed up from the powerful long-term support level 0.85000 (which has been steadily reversing the price from the middle of last year, as can be seen from the daily EURGBP chart below) standing near the lower weekly Bollinger Band. The upward reversal from the support level 0.85000 stopped the previous weekly impulse wave 3, which belongs to the higher order downward impulse sequence (3) from the end of last year.
Given the strength of the support level 0.85000 and the clear bullish divergence that can be seen on the weekly Stochastic, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.
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