LeoPrime Daily Market Analysis

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EURGBP reversed from resistance zone; Likely to fall to support level 0.85000

EURGBP currency pair recently reversed down from the resistance zone located between the pivotal resistance level 0.85950 (which have been reversing the pair from the middle of April), upper daily Bollinger Band and the resistance trendline of the daily down channel from the end of April. The downward reversal from this resistance zone started the active minor correction (ii). Given the long-term downtrend, EURGBP currency pair can be expected to fall further toward the next support level 0.85000 (target price for the completion of the active minor correction (ii)).

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