Previous post that called for a bullish move in the EUR GBP can be found here. Analysis provided then used chart patterns to explore the likely path of price action, while the current analysis is based on Elliott wave analysis.
The value of using different, independent techniques is to successfully navigate the market. Besides, use of advanced strategies to stay two or three steps ahead of the market and trade or invest with confidence, as well as understand the EUR GBP forecast long term is available here.
The 4hr timeframe of the EUR GBP 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 EUR GBP 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 EUR GBP.
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