EUR/GBP: buy target - 0.7800
By: Dmitriy Chernovolov
- EUR/GBP rising inside impulse waves 3 and (3)
- Next buy target - 0.7800
EUR/GBP has been rising sharply in the last few trading sessions – following the earlier breakout of the long-term pivotal resistance level 0.7470 (which has been reversing the price from last May, as you can see from the daily EUR/GBP chart below). The breakout of the resistance level 0.7470 greatly accelerated the active minor impulse wave 3 (which belongs to the intermediate impulse wave (3) from the start of January) – leading to the breakout of the next resistance levels 0.7600 and 0.7700.
EUR/GBP is likely to continue to rise in the active impulse waves 3 and (3) toward the next buy target at the next resistance level 0.7800 (target price calculated for the termination of wave 3).