• EURGBP falling inside impulse wave C
• Likely to reach support level 0.8700
EURGBP continues to fall after the earlier breakout of the key multi-month support level 0.8875 (which previously have been reversing the price from June as can be seen from the daily EURGBP chart below). The breakout of this support level accelerated the active short-term impulse wave C – which belongs to the medium-term downward ABC retracement (2) from the start of September.
Given the strongly bullish Sterling sentiment seen across the FX markets today – EURGBP currency pair can be expected to fall further toward the next support level 0.8700 (former support from November and the forecast price for the completion of the active ABC correction (2).