In this technical blog, we are going to take a look at the past performance of EURGBP 4-Hour Charts that we presented to our members. In which, the rally from April 2020 low showed with the bullish sequence tag called for more upside to take place. Therefore, our members knew that buying the dips into the direction of the bullish tag remained the preferred path. We will explain the Elliott wave structure & buying opportunity our members took below:
EURGBP 4 Hour Elliott Wave Chart
Above is the 4 Hour Elliott Wave Chart from 8/27/2020 update, in which the pullback to 86.71 low ended wave ((2)). Up from there, the rally higher in wave (1) of ((3)) took place as a 5 wave impulse sequence where wave 1 ended at 0.8814 high. Wave 2 ended at 0.8689 low, wave 3 ended at 0.9054 high, wave 4 ended at 0.8862 low, and wave 5 ended at 0.9175 high.
Down from there, the pair made a pullback in wave (2) to correct the cycle from 4/30/2020 low (0.8671). The internals of that pullback unfolded as a where wave A ended at 0.8936 low. Wave B ended at 0.9148 high and wave C was expected to reach 0.8910- 0.8763 100%-161.8% Fibonacci extension area of A-B. Then from there, the pair was expected to provide buying opportunity to our members into the direction of bullish tag looking for new highs or for minimum 3 wave reaction higher at least.
EURGBP Latest 4 Hour Elliott Wave Chart
Here’s the latest 4 hour Elliott Wave Chart from 9/08/2020 update. In which pair managed to reach the blue box at 0.8910- 0.8763 area and rallying higher. Allowed our members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 0.9175 high still needed to confirm the next extension higher. It’s important to note that with further market data, we re-adjusted the count of the pullback as a double three structure.
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