EUR/GBP rising inside intermediate impulse wave

9 September 2016, 16:03
Eko Rediantoro
  • EUR/GBP rising inside intermediate impulse wave
  • Next buy target - 0.8600

EUR/GBP recently reversed up sharply from the support zone lying between the pivotal support level 0.8350 (which also previously reversed the price sharply at the start of August), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse wave (3) from June. The upward reversal form this support zone completed the previous intermediate ABC correction (4).

EUR/GBP is expected to rise further in the active intermediate impulse wave (5) toward the next buy target at the resistance level 0.8600. Strong support remains at the aforementioned support level 0.8350.

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