EURGBP--October 7, 2009
An update of the impulsive Fibonacci pattern which I have been following since mid-September when the pair was trading around 0.8950. The initial upside target was circa 09075 to 0.9095, which was hit on September 22nd. There was a small sell-off, but then the pair shot through the (2.618) target level. Since that time the initial resistance level around the 2.618 extension has become support. Currently a minor Fibonacci level (3.33) is providing resistance (around 0.9260).
A daily chart:
And seen in more detail on two 8 hour charts:
As can be seen, if this pattern continues to be operative, the next big target for the EURGBP would be somewhere around 0.9500.