Sugar Wave Analysis – 19 February, 2019

• EURGBP reversed from strong resistance level 0.8830
• Further losses are likely

EURGBP recently reversed down with the daily Bearish Engulfing from the strong resistance level 0.8830 (former powerful support from November) – strengthened by the upper daily Bollinger Band.

The downward reversal from the aforementioned resistance level stared the active medium-term impulse wave (3) – which belongs to the longer-term impulse sequence from the start of January.

EURGBP is expected to fall further and re-test the next support levels 0.8700 and 0.8630 (low of the previous impulse wave (1)).