EURGBP Breaks Support Area at 0.8500 and Daily Channel Trendline

The EURGBP currency pair broke a support area located between the 0.8500 level and the support trendline of the daily down channel from the middle of last November. Prior to this breakout, the pair broke the major support level at 0.8600, which had been reversing the price from July of last year. The breakout occurred as part of a continued decline following the establishment of a downtrend from the middle of last November.

EURGBP Breaks Key Support Area Between 0.8500 and Daily Channel Trendline

The EURGBP currency pair broke the support area located between the key support level at 0.8500 and the support trendline of the daily down channel from the middle of last November. This support area had been providing a floor for the currency pair's price action during the recent downtrend.

Price Action Follows Break of 0.8600 Major Support Level

Prior to breaking the support area at 0.8500, the pair broke the major support level at 0.8600. This 0.8600 level had been reversing the price from July of last year. The sequential breaks of these technical levels occurred within the context of minor impulse wave 3 of the intermediate impulse wave (3) from the middle of May.

FAQ

What support levels did EURGBP break?

EURGBP broke the support area between the 0.8500 level and the support trendline of the daily down channel from the middle of last November. The pair also broke the major support level at 0.8600, which had been reversing the price from July of last year.

When did the EURGBP downtrend begin?

The daily down channel for EURGBP was established from the middle of last November. The current price action is part of minor impulse wave 3 of the intermediate impulse wave (3) from the middle of May.