• EURGBP broke support area
• Likely to fall to 0.8874
EURGBP continues to fall after this currency pair broke the support area located between the round support level 0.9000 (which has been reversing the price from the start of December as can be seen from the daily EURGBP chart below) and the 61.8% Fibonacci correction of the previous upward impulse (i) from the start of November. The breakout of this support area accelerated the active minor impulse wave (c) from the start of January.
Given the predominantly bullish sentiment sentiment spreading across the currency markets today – EURGBP is expected to fall further in the active waves (ii) and (c) toward the next support level 0.8874 (target price for the completion of the active impulse wave (c), which reversed the price numerous times from June).