The pound is destroying all targets ahead. EURGBP, GBPJPY, GBPAUD, GBPNZD, GBPCHF even GBPUSD. We have reached the main targets. But the game is just starting.
The important midterm support has already been broken on EURGBP.
0.87300 is the Fibonacci 61.80% of the daily chart and this was the strongest support after 0.87500.
Selling pressure will continue as long as the price remains below 0.87500.On the smaller chart timeframe, 0.86700 is the next target of EURGBP. And Fibonacci 78.60% at 0.86000 will be the next target.
The cup with handle formation would be invalidated if the price makes daily closings above 0.87500. Otherwise, 0.86000 is the first target.
So pullbacks towards 0.87500 can be used as selling opportunities.
Only the negative news on Brexit can cause closings above 0.87500.
The important midterm support has already been broken on EURGBP.
0.87300 is the Fibonacci 61.80% of the daily chart and this was the strongest support after 0.87500.
Selling pressure will continue as long as the price remains below 0.87500.On the smaller chart timeframe, 0.86700 is the next target of EURGBP. And Fibonacci 78.60% at 0.86000 will be the next target.
The cup with handle formation would be invalidated if the price makes daily closings above 0.87500. Otherwise, 0.86000 is the first target.
So pullbacks towards 0.87500 can be used as selling opportunities.
Only the negative news on Brexit can cause closings above 0.87500.
