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FxPro Forex Analysis: EURGBP Wave Analysis – 08 August , 2018

EURGBP broke resistance zone
• Further gains are likely

EURGBP continues to rise after the recent breakout of the resistance zone lying at the intersection of the primary resistance level 0.8950 (which has been reversing the price from last November) and the resistance trendline of the daily up channel from April.

The breakout of this resistance zone accelerated the active medium-term impulse wave (C), inside which the pair has been rising from the end of May.

EURGBP is likely to rise further and re-test the next resistance level 0.9040 (top of the previous wave 4 from last October).

EURGBP2 - Primary Analysis - Aug-08 1650 PM (1 day)