EUR/GBP rising inside intermediate corrective wave (2)
By: Dmitriy Chernovolov
- EUR/GBP rising inside intermediate corrective wave (2)
- Next buy target - 0.8000
EUR/GBP has been rising in the last few trading sessions inside the second intermediate corrective wave (2) – which started previously – when the pair reversed up from the support zone lying between the support level 0.7730 (which has been reversing the price from February), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from January. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
EUR/GBP is expected to rise further toward the next buy target at the round resistance level 0.8000 (forecast price calculated for the completion of the active intermediate wave (2)).