EUR/GBP Elliott Wave analysis: Decline forecast from equal legs area

In this technical article, we’ll take a quick look at the Elliott Wave charts for the EURGBP forex pair, published in the members’ area of the website.
As our members know, EURGBP is showing incomplete bearish sequences, suggesting further decline. The pair recently gave us a bounce in a 3-wave pattern, with sellers appearing right at the equal legs zone. Let’s break down our Elliott Wave forecast further in this article.

EUR/GBP one-hour Asia update 12.15.2024

The current view suggests that EURGBP is doing a ((iv)) recovery, which is correcting the cycle from the 0.83651 peak. Proposed recovery can be unfolding as a Elliott Wave Zig Zag Pattern. The price has already reached important technical area at 0.82989- 0.83301. ( sellers zone).  We expect potential sellers to appear in this area, which could lead to a further decline towards new lows or a three-wave pull back at least.

EUR/GBP one-hour Asia update 12.17.2024

EURGBP has found sellers as expected and made a nice decline from the Equal Legs zone. Current analysis suggests the wave ((iv)) correction has completed at the 0.83278 high. We are looking for a break of previous ((iii)) black low as confirmation wave ((v)) is in progress. We advise against buying EURGBP in during any suggested bounce and favor the short side.