EURGBP analysis as shown here is based on Elliott wave analysis.
The 4hr timeframe of the EURGBP as shown below from May 17, 2018 to market close (Friday, July 20, 2018) is corrective with a 3 wave price swing (zigzag Elliott wave structure) between the mentioned dates above. Price levels to watch include the 38.2%, 50% and 61.8% retracements of the upswing.
These are ~0.88386, 0.88036 and 0.87686 respectively.
The minimum expectation for a bearish swing in EURGBP is the 38.2% level as indicated on the chart by the downward blue arrow, while the horizontal blue lines are used to mark the 50% and 61.8% where support is anticipated for the EURGBP.
The 4hr timeframe of the EURGBP as shown below from May 17, 2018 to market close (Friday, July 20, 2018) is corrective with a 3 wave price swing (zigzag Elliott wave structure) between the mentioned dates above. Price levels to watch include the 38.2%, 50% and 61.8% retracements of the upswing.
These are ~0.88386, 0.88036 and 0.87686 respectively.
The minimum expectation for a bearish swing in EURGBP is the 38.2% level as indicated on the chart by the downward blue arrow, while the horizontal blue lines are used to mark the 50% and 61.8% where support is anticipated for the EURGBP.
