• EURGBP broke pivotal support level 0.8545
• Likely to reach support level 0.8450
EURGBP currency pair recently broke the pivotal support level 0.8545 (which has been reversing the price from the end of February – having stopped the earlier downward impulse waves 1, (iii) and I, as can be seen from the daily EURGBP chart below). The breakout of the support level 0.8545 should accelerate the active impulse waves (iii), 3 and (C).
Given the strong daily downtrend and the continuation of the bullish sterling sentiment across the FX markets today – EURGBP currency pair is likely to fall further in the active impulses (iii), 3 and (C) toward the next support level 0.8450 (target price for the completion of the active minor impulse wave (iii)).