EUR/GBP steps into a correction within ongoing recovery [Video]

Gregor Horvat Wavetraders

EURGBP is sharply down after reaching April highs for wave »v« of an impulse into wave A. As expected, the pair is now unfolding a three-wave abc corrective setback within higher-degree wave B. Currently, EURGBP is breaking below the channel support line in a sharp and impulsive projected wave »a«. A corrective recovery in wave »b« may follow, considering that RSI is already at the lower side of its range. Overall, we are still tracking this correction toward the 0.85x support area, which could act as a base before a potential bullish continuation higher into wave C.

EURGBP 4H Chart

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Author

Gregor Horvat

Wavetraders

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

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