• EUR/GBP rising inside impulse wave 3
• Further gains are likely
EUR/GBP continues to rise inside the short-term impulse wave 5 – which previously broke through the resistance area lying between the major, long-term resistance level 0.9020 (which has been reversing the price from last October) and the resistance trendline of the daily up channel from April.
The breakout of this resistance zone accelerated the active short-term impulse wave 5 which belongs to the medium-term impulse wave (C) from the end of May.
EUR/GBP is expected to rise further and retest the next resistance level 0.9100 (target price for the completion of the active impulse wave (iii)).