Elliott Wave Analysis: EURGBP Trading In A Temporary Correction

EURGBP made a nice five-waves of decline within higher degree blue wave 1 and recent rise that followed can be corrective wave 2, that can unfold three sub-waves. We see first sub-wave A) in the making. The whole correction can later search for resistance near the Fibonacci ratio of 50.0 and 61.8 and make a new reversal lower.

EURGBP, 4H

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com