EUR/GBP in a bearish reversal – Elliott wave analysis

Gregor Horvat Wavetraders

EURGBP started firmly dropping from the 0.918 level (also level of a Fib. ratio of 61.8), giving us first signs of a possibly completed A-B-C move in a higher degree wave B) correction. We are now observing a minimum three-wave decline in play, so be aware of possible corrections/set-backs within the decline (first one can be seen up from the lower corrective channel line). Also for further confirmation that bears are underway, we would like to see a drop below the lower Elliott wave channel line, and below the 0.886 level.

EUR/GBP, 4h

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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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