EURGBP Approaching Support! - Elliott wave analysis

Hello traders,

EURGBP made a five-wave recovery from February lows of this year, and later found a top at the 0.9499 level. We know that in elliott wave theory after a five-wave move fully develops, a temporary pullback may start forming, and usually in three legs. At the moment a wave C of a three-wave reversal is underway, and is apporaching possible support at 0.889/0.874 area. A sharp recovery, in five sub waves would suggest a completed correction, and further upside.

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Trade Well,

The EW-Forecast team


eurgbp, 4h