EUR/GBP: sell target - 0.7200
By: Dmitriy Chernovolov
- EUR/GBP falls inside intermediate impulse wave (3)
- Next sell target - 0.7200
EUR/GBP continues to fall after the price earlier reversed down strongly from the resistance zone lying between the resistance level 0.7400 (which stopped the previous primary ABC correction ②), the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous downward impulse wave from last October. The downward reversal from this resistance zone completed the latest intermediate correction (2).
EUR/GBP is likely to fall further in the active impulse wave (3) toward the next sell target at the support level 0.7200 (former resistance level which reversed the previous wave (4) in July). Strong resistance remains at 0.7400.