Elliott Wave Analysis On EURGBP And GBPUSD
EURGBP
EURGBP remains bullish but only temporary with a three wave bounce away from 0.7736 which we see it as correction. As such, we will turn bearish after A)-B)-C) bounce towards 0.8000 resistance level. In the short-term however, price may see a dip to 0.7821 support before it goes up for 61.8% Fibonacci area.
EURGBP, 4H
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GBPUSD
On GBPUSD, we see price in corrective phase within ongoing weakness from 1.4769. we are looking at wave 2) now which can be a flat with sub-wave C now underway back to 1.4540-1.4570 resistance area where new sell-off may occur in days ahead. Invalidation level is at 1.4769; as long it holds we are bearish on cable.
GBPUSD, 1H
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