EUR/GBP: sell target - 0.7150
By: Dmitriy Chernovolov
- EUR/GBP falls inside intermediate (C)-wave
- Next sell target - 0.7150
EUR/GBP recently reversed down strongly - after making a few unsuccessful attempts to break above the resistance level 0.7350 (which is the lower border of the powerful resistance area which has been reversing the price multiple times from March, as you can see from the daily EUR/GBP chart below). The upper boundary of this resistance area stands at 0.7400. The latest downward reversal from 0.7350 started the active impulse wave 3- which belongs to the intermediate (C)-wave from August.
EUR/GBP is likely to fall further in the active waves 3 and (C) toward the next sell target at the 0.7150. Strong resistance remains at 0.7350.