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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

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