EURGBP Update: Remains Under Bearish Pressure Within An ImpulseEURGBP is moving nicely lower as anticipated back in May and June, continuing the expected decline after completing the previous corrective structure. The pair is now developing the final wave E, which can take some time to complete, as wave E is expected to unfold in a three-wave (A)(B)(C) structure.
Following the completion of the wave (B) bearish triangle pattern, EURGBP has started a strong decline within the projected wave (C) of E. The current downside structure suggests there is still room for further weakness, with the 0.8400–0.8300 area becoming an important potential target zone. This move could unfold through a lower-degree five-wave bearish impulse, completing the final stages of the larger corrective pattern.
On the 4H chart, EURGBP continues to extend lower as expected on July 1st, but currently it can be making a higher degree abc correction in wave 4, which could retrace the price back toward the ideal 38,2% Fibonacci retracement and 0.8545 resistance area before the next leg lower begins within wave 5.
As long as the broader bearish structure remains intact, any recovery should be viewed as corrective rather than a trend reversal.
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NAK: Macro ABC Correction Setup Points to Major Downside TargetLooking at the overarching structure of Northern Dynasty Minerals (NAK), it is becoming difficult to ignore the dominant macro ABC bearish corrective sequence playing out. The multi-year descending trendline originating from the structure's highest point has acted as perfect overhead resistance, capping the rally attempt precisely at point B. As long as this crucial pivot point holds, the technical bias remains overwhelmingly skewed toward the downside, aligning perfectly with a high-stakes fundamental environment. The company's entire valuation hinges on the Pebble Project, and with oral arguments in the federal lawsuit to overturn the EPA's veto concluded on June 25, 2026, the case is officially ripe for a decision. A final ruling against the company would demolish the fundamental thesis and trigger the technical completion of this pattern.
Zooming into the daily price action, the internal rally that formed the "BC" leg was captured within a clear consolidation range before collapsing back through the key breaker block. The failure to reclaim this breaker block as support and the subsequent breakdown below it signal that intermediate buying pressure is completely exhausted, giving way to heavy distribution. This technical weakness mirrors the underlying financial strain; as a pre-revenue exploration company, NAK’s April 2026 annual filings included a critical "going concern" warning from its auditors. Sustaining this massive litigation is incredibly expensive, and without operational cash flow, any prolonged delay in the court's ruling will likely force aggressive share dilution, putting further organic downward pressure on the stock.
This combination of technical rejection and fundamental fragility sets the stage for a dramatic trend-completion leg down to target C. The Department of Justice's active defense of the EPA's veto earlier this year has already demonstrated the market’s extreme sensitivity to adverse regulatory news, previously triggering a massive single-day plunge. If the federal district court rules against the company in the near term, there is virtually no fundamental safety net to prevent a complete capitulation. The chart is signaling a full downward flush toward the projected target, marking the ultimate technical and fundamental resolution of this multi-year saga. 
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