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Wave Tech Analysis

FxPro Forex Analysis: EUR/GBP Wave Analysis – 16 August , 2018

EUR/GBP reversed from support zone
• Further gains are likely

EUR/GBP continues to rise after the recent upward reversal from the support zone lying between the support level 0.8900, support trendline of the daily up channel from June and the 38.2% Fibonacci correction of the previous upward impulse from June.

The upward reversal from this support zone started the active short-term impulse wave 5– which belongs to the the medium-term impulse wave (C) from May.

Given the strength of the uptrend visible on the daily charts, EUR/GBP is expected to rise further and retest the next resistance level 0.8980.

EURGBP - Primary Analysis - Aug-16 1846 PM (1 day)