EUR/GBP: Elliott waves (Jan. 13)
Weekly. EUR/GBP is forming a global sloping flat. The wave (b) is complete and now we are seeing the beginning of a decline in the new impulse wave (C). The first waves of (C) – waves I and II – are already fully formed. In the near future we’ll see a decline in the wave III.
Chart. Weekly EUR/GBP
Daily. We are witnessing the first two pairs of waves in the impulse (C). According to this markup in the near future we can expect a strong decline.
Chart. Daily EUR/GBP
H4. The wave (1) is complete. Before the decline resumes, the pair will form a rising correctional wave (2). When these waves are complete, we’ll see a continuation of the global decline.
Chart. H4 EUR/GBP
Roman Petuchov for FBS