EUR/GBP: sell target - 0.70400
By: Dmitriy Chernovolov
- EUR/GBP falling inside intermediate impulse wave (3)
- Next sell target - 0.70400
EUR/GBP continues to fall inside the 3rd intermediate impulse wave (3), which is a part of the primary impulse wave ③ from the middle of October. The active impulse wave (3) started earlier this month – when the pair reversed down from the resistance zone lying between the resistance level 0.7200 (former support level which reversed previous (B)-wave in September) and the 38.2% Fibonacci correction of previous intermediate impulse wave (1).
EUR/GBP is likely to fall further inside the active impulse wave (3) toward the next sell target at the support level 0.70400 (which stopped previous impulse wave (1)).