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Euro / British Pound
Long
Updated

EURGBP Steps Into A Correction Within Ongoing Recovery

156
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.
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EURGBP is moving nicely as expected within a three-wave abc corrective setback in wave B. It's actually nicely approaching projected support around 0.8600 level or slightly lower for wave "c" of a three-wave abc correction in wave B, so as soon as it fully unfolds, we will expect a continuation higher for wave C.
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Chart PatternscorrectionElliott WaveEURGBPForexrecoveryTechnical AnalysisTrend AnalysisWave Analysis

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Chart PatternscorrectionElliott WaveEURGBPForexrecoveryTechnical AnalysisTrend AnalysisWave Analysis
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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.