EUR/GBP: buy target – 0.7430
By: Dima Chernovolov
- EUR/GBP broke resistance level 0.7280
- Next buy target – 0.7430
EUR/GBP recently reversed up sharply from the strong support zone lying between the support levels 0.7100 and 0.7000 (this support zone also previously reversed the price in March and in April, as you can see below). The upward reversal from this support zone started the active intermediate correction (2) – which recently broke the resistance level 0.7280 – which intensified the bullish pressure on this currency pair.
EUR/GBP is likely to rise further inside the active intermediate correction (2) toward the next buy target at the resistance level 0.7430. Buy stop-loss can be placed below the support level 0.7280.