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EUR/GBP May Stay In A Big Sideways Range: Elliot Wave Analysis

ByGregor Horvat
Published 06/01/2020, 10:00 AM
Updated 07/09/2023, 06:31 AM

Today we will talk about EUR/GBP and its price action from Elliott Wave perspective.

Looking at the daily chart, seems like EUR/GBP can be forming a big bullish A-B-C-D-E triangle pattern and currently it could be in the middle of a higher degree wave »C«. Each wave in a triangle contains three legs A)-B)-C) and now it might be in a corrective recovery within wave B) that can send the price up to 0.92 – 0.93 resistance area and from where we may see another drop back to 0.86 area into wave C) to complete a three-wave higher degree decline into a wave »C«.

eurgbpDaily

If we take a closer look, a 4-hour chart, we can clearly see a five-wave impulsive into a wave A of B), so now be aware of a temporary slow down in wave B of B) back to 0.8870 – 0.8800 support area, from where we might see another jump into the final wave C of B) up to projected 0.92 – 0.93 resistance zone and this is where a three-wave A-B-C corrective recovery into a wave B) may come to an end.

EURGBP, 4H
eurgbp4h

Respect the price action and trade smart!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

Latest comments

that's a good analysis though
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