Elliott Wave Analysis: EURGBP Ideally Aiming For 0.8800

Gregor Horvat Wavetraders

EURGBP made a nice deep retracement over the last few days but for now only with three waves so move can be corrective. Also, always when we are labeling the price chart we are trying to stay with the trend, so for now we will remain bullish for at least one more high especially if we consider idea of an ending diagonal that can be taking place. A break above upper channel line would confirm further upside for wave five to around 0.8800 area where bulls may slow down. Only decline beneath 0.8330 would suggest that EURGBP found a top.

EURGBP, 4H

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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