- EURGBP broke support area
- Likely to fall to 0.8875
EURGBP currency pair continues to fall strongly after the earlier breakout of the powerful support area lying between the pivotal round support level 0.9000 (which has been reversing the price from December) and the 61.8% Fibonacci correction of the sharp upward price impulse (i) from October. The breakout of this support area should accelerate the active minor impulse wave (c).
Given the predominantly bullish sterling sentiment seen across the FX markets today – EURGBP index is likely to fall further toward the next support level 0.8875 (target for the completion of the active correction (ii) and the former powerful support level which has been reversing the currency pair from May).