LeoPrime Daily Market Analysis

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EURGBP broke 0.90500 resistance zone; Likely to rise to 0.92450

EURGBP recently broke through the resistance zone lying between the resistance 0.90500 (top of the previous impulse wave (i)) and the 50% Fibonacci correction of the earlier sharp downward correction B from the middle of March). The breakout of this resistance zone accelerated the active impulse wave (iii). Given the strong euro bullish sentiment seen across the currency markets today along with the strengthening sterling bearishness – EURGBP is likely to extend the gains further toward the next resistance level 0.92450 (target for the completion of the active minor impulse wave (iii)).

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