EURGBP Wave Analysis – 27 March, 2020

• EURGBP broke round support level 0.9000
• Likely to fall to 0.8800

EURGBP under bearish pressure following the earlier breakout of the key round support level 0.9000 (former strong resistance from last year).

The breakout of the support level 0.9000 coincided with the breakout of the 38.2% Fibonacci retracement level of the previous sharp upward impulse from December.

EURGBP is likely to fall further toward the next support level 0.8800 (standing close to the 61.8% Fibonacci retracement level of the previous upward impulse from May).