LeoPrime Daily Market Analysis

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EURGBP broke round resistance level 0.90000; Likely to rise to 0.91000

EURGBP today broke the key round resistance level 0.90000 (top of the previous impulse wave (1)) intersecting with the 38.2% Fibonacci correction of the previous sharp downward correction from March to April. the breakout of the resistance level 0.90000 continues the active medium-term impulse wave (3). Given the rising bullish sentiment affecting the Euro – coupled with the moderately bearish Sterling sentiment – EURGBP is likely to rise further toward the next resistance level 0.91000. Strong support now stands at the support level 0.90000.

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