Elliott Wave Analysis: EUR/GBP In Bearish Reversal
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.
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
Find more: Contributing Author