EUR/GBP outlook: Wave (Y) could target 0.83–0.82
EURGBP failed to break above the channel resistance line after the recent ABC corrective decline. With the current sharp reversal lower, it is ideally trading in a deeper and more complex (W)(X)(Y) correction within wave E, where wave (Y) could now be in play and should unfold in another three legs, ABC.
Currently, price is still declining within subwave A of (Y), but soon be aware of a corrective pullback in subwave B that can revisit the 0.8458–0.8483 resistance area before we later see another decline in subwave C of (Y), which could take the price toward the 0.83–0.82 zone near the lower triangle line.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
