Elliott Wave Analysis: EUR/GBP In Bearish Reversal

Intermediate

Hello traders,

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/setbacks within the decline (first one can be seen 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.

EURGBP, 4h

4 hour eur gbp chart

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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