EUR/GBP broke key resistance level 0.8860

EUR/GBP broke key resistance level 0.8860

  • EUR/GBP broke key resistance level 0.8860
  • Next buy target - 0.9000

EUR/GBP today broke above the key resistance level 0.8860 (which stopped the previous impulse waves (1), 1 and (i), as can be seen from the daily EUR/GBP chart below). The breakout of the resistance level 0.8860 continues the active impulse waves (iii), 3 and (3) – all of which belong to the sharp primary impulse wave ③ from last December. EUR/GBP can then be expected to rise to the next buy target at the next round resistance level 0.9000 (which reversed the previous correction in 2 in November).



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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