Technical analysis

EURGBP Wave Analysis – 09 October , 2018

  • EURGBP broke support area
  • Further losses are likely

EURGBP continues to fall after the earlier breakout ofthe support area lying between the key support level 0.8800 (monthly low from July) and the 61.8% Fibonacci correction of the previous sharp upward impulse from April.

The breakout of this support area accelerated the active impulse wave 3, which belongs to the intermediate impulse wave (C) from the end of September.

EURGBP is expected to fall further and re-test the next support level 0.8725 (target price for the completion of the active impulse wave (C)).

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