Latest decline on EURGBP can be counted in five waves which is another confirmation for bearish EUR, now also on some crosses. We know that five wave patterns are showing direction of a trend which in our case is down so we expect further weakness after any pullback. It seems that this pullback is now already underway. Usually those corrective three wave retracements will stop in the area of previous fourth waves, which in our case comes in from 0.8386-0.8412 so we may see more upside before pair may turn south again.
EURGBP Intraday Elliott Wave Analysis
Written by www.ew-forecast.com