Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURGBP broke support level 0.8350
• Likely to fall to support level 0.8285
EURGBP currency pair recently broke the key support level 0.8350 (low of the previous wave A), intersecting with the 61.8% Fibonacci correction of the previous wave (1).
The breakout of the resistance level 0.8350 should accelerate the active short-term ABC correction (2) from the start of this month.
EURGBP currency pair can be expected to fall further toward the next key support level 0.8285 (low of wave (C), target for the completion of active short-term ABC correction (2)).
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