EURGBP Technical Analysis Report 28 June, 2024


EURGBP currency pair can be expected to rise further toward the next resistance level 0.8500, former powerful support from the middle of last year.

 

– EURGBP reversed from long-term support level 0.8400

– Likely to rise to resistance level 0.8500

EURGBP currency pair continues to rise after the earlier upward reversal from the key support area located between the long-term support level 0.8400 (which has been reversing the pair form the middle of 2022, as can be seen from the daily EURGBP chart below) and the lower weekly Bollinger Band. The upward reversal from this support area created the weekly Japanese candlesticks reversal pattern Hammer which stopped the previous weekly downward impulse wave 3 of the higher order impulse wave (3) from the end of 2023.

Given the strength of the support level 0.8400 and the moderately bullish euro sentiment seen today, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8500, former powerful support from the middle of last year.

EURGBP Technical Analysis Report 28 June, 2024
EURGBP Technical Analysis Report 28 June, 2024

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