EUR/GBP: sell target – 0.7200
- EUR/GBP reversed from strong resistance level 0.7370
- Next sell target – 0.7200
EUR/GBP continues to decline after the recent downward reversal from strong resistance level 0.7370 (which also previously reversed the pair at the end of March, stopping the earlier primary ABC correction ②, as you can see below). The resistance zone near 0.7370 was strengthened by the 38.2% Fibonacci Correction of the previous sharp extended downward impulse from the middle of December.
EUR/GBP is expected to fall further inside the active minor impulse wave 1 toward the next sell target 0.7200 (forecast price for the termination of this impulse). Sell stop-loss can be placed at the distance of one daily ATR (Average True Range) above the resistance level 0.7370.