EURGBP Technical Analysis Report 11 December, 2020

  • EURGBP broke resistance area
  • Likely to rise to 0.9220 and 0.9300

EURGBP continues to rise after the earlier breakout of the resistance area lying between the key resistance level 0.9140 (which has been reversing this currency pair from the start of October) and the 61.8% Fibonacci correction of the downward ABC correction 2 from the start of September. The breakout of this resistance area should accelerate the active upward impulse waves 3 and (3).

Given the continued bearish sterling sentiment seen across the currency markets today – EURGBP can be expected to rise further toward the next major resistance level 0.9220 (top of wave (ii) from September) – the breakout of which can lead to further gains toward the major resistance level 0.9300 (top of the previous sharp impulse wave 1 from September).

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