Back on June 24, we noted that EUR/GBP remained within a broader bearish structure, with downside pressure still dominant despite intermittent corrective moves. Price action has since continued to develop in line with that outlook.
EUR/GBP is now resuming lower within the projected wave “iii” and appears to be unfolding subwave (iii) of this decline. This suggests that the impulsive phase of the move is still in progress, supporting further downside in the near term.
However, as is typical within third-wave structures, short-term corrective pullbacks are expected, with a subwave (iv) retracement likely before the downtrend continues. Overall, the structure remains bearish as long as price holds below key resistance levels.
EUR/GBP is now resuming lower within the projected wave “iii” and appears to be unfolding subwave (iii) of this decline. This suggests that the impulsive phase of the move is still in progress, supporting further downside in the near term.
However, as is typical within third-wave structures, short-term corrective pullbacks are expected, with a subwave (iv) retracement likely before the downtrend continues. Overall, the structure remains bearish as long as price holds below key resistance levels.
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Join the community for one week, full access. Its free >> @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves Sale-65%
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Learn Elliott Waves Sale-65%
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Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.