EUR/GBP: sell target - 0.7000
By: Dmitriy Chernovolov
- EUR/GBP falling inside accelerated impulse waves (3) and ③
- Next sell target - 0.7000
EUR/GBP has been falling sharply in the last two trading weeks – following the earlier downward reversal from the resistance zone lying between the resistance levels 0.7500 and 0.7400 (which also previously reversed the intermediate corrective wave (A) in May, as you can see below). The downward reversal from this resistance zone started the active primary impulse wave ③ - which then broke the daily Rising Wedge from July and the support levels 0.7250, 0.7200 and 0.7100.
EUR/GBP is likely to fall in the accelerated impulse waves (3) and ③ toward the next sell target at the round support level 0.7000.