• EURGBP broke pivotal support level 0.8500
• Likely to fall to support level 0.8470
EURGBP currency pair recently broke below the pivotal support level 0.8500 (which stopped the previous waves (b) and (iii), as can be seen below). The breakout of the support level 0.8500 accelerated the active impulse waves C and (V)- which belong to the intermediate ABC correction (2) from the end of April.
Given clear daily downtrend and the intensification of the sterling bullishness seen today, EURGBP currency pair can be expected to fall further toward the next support level 0.8470 (which stopped the strong downtrend at the end of April) – followed by the support level 0.8450.