Elliott Wave Analysis: EURGBP and GOLD
EURGBP is also moving up this week, but recovery can be corrective from Feb 13 low. We are observing wave 2 which can be looking for a reversal around 61.8% Fib. level after an ending diagonal in subwave c.
We see gold in bullish leg that can break above 1244.54 very soon after recent push out of a downward corrective channel. Also, rise from 1216 is sharp so probably impulsive, which means we will look up as long as this low stays in place.
Find more: Contributing Authors