EUR/GBP reversed from resistance zone

EUR/GBP reversed from resistance zone

  • EUR/GBP reversed from resistance zone
  • Next sell target - 0.8630

EUR/GBP continues to fall inside the intermediate impulse wave (3) – which started earlier from the resistance zone lying between the resistance level 0.8800 (previous buy target), upper daily Bollinger Band and the 61.8% Fibonacci retracement of the previous sharp extended downward impulse from last October.  The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover.

EUR/GBP is expected to fall to the next sell target at the support level 0.8630 (former strong resistance level which reversed the previous minor correction 2 in February).

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