EUR/GBP is in new higher degree recovery

Gregor Horvat Wavetraders

EURGBP is slow and sideways and trapped in big range when looking at monthly or weekly charts so ideally, pair is trapped in a very big complex consolidation, possibly even with a triangle now in Y. In triangle, each leg is made by three waves (A)-(B)-(C) and with current strong recovery back above important trendline, seems like a three-wave (A)-(B)-(C) decline within higher degree wave C is completed and new three-wave (A)-(B)-(C) rally within wave D underway. So, watch out for more upside now back towards 0.90 area, just be aware of short-term pullbacks.

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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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