LeoPrime Daily Market Analysis

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EURGBP reversed from 0.91300 resistance zone; Likely to fall to 0.89500

EURGBP recently reversed down with the daily Bearish Engulfing from the resistance zone lying between the resistance level 0.91300, upper daily Bollinger band, resistance trendline of the daily up channel from May and the 61.8% Fibonacci correction of the earlier sharp downward correction (A) from March. Given the strength of the aforementioned resistance zone and the strongly bearish sentiment affecting the euro today – EURGBP is likely to fall further toward the next support level 0.89500 (target price for the completion of the active wave 2).

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