In this blog, we are going to take a look at the Elliott Wave chart of EURGBP. The 1 hour London chart update from June 25, 2020 shows that the pair has ended the cycle from June 9 low in wave 1 at 0.9078 high. The rally unfolded as 5 waves impulse Elliott Wave Structure. The pair then did a pullback to correct that cycle as a zig-zag structure. Down from wave 1 high, wave ((a)) ended at 0.9014 low. The bounce in wave ((b)) ended at 0.9073 high. The pair then continued to push lower in wave ((c)). The 100% extension of wave ((a))-((b)) where ((c)) can potentially end is at 0.8966-0.9007 area. We showed this area with a blue box. This is the area where we expect buyers to appear for 3 waves bounce at least or an extension higher.
EURGBP 25 June London Elliott Wave Update
June 25 New York update shows that EURGBP reached the blue box area. The pair then ended wave 2 pullback at 0.8999 low, which is within the blue box. From there, the pair saw a reaction higher after buyers appeared at that blue box area. The pair still needs to break above previous wave 1 high to confirm that wave 2 is already in place and the next leg higher is already in progress.
EURGBP 25 June New York Elliott Wave Update
June 27 weekend update shows that EURGBP continue to extend higher from the blue box. Up from 0.8999 low, wave (i) ended at 0.9049 high and the dip in wave (ii) ended at 0.9016 low. The pair is currently in wave (iii) and has now broken above the previous wave 1 high. This allows buyers from the blue box a risk free position (stop loss moved to entry). As long as the low at 0.8999 stays intact, expect the dips in 3,7, or 11 swings to find support for more upside.
EURGBP 27 June Weekend Elliott Wave Update
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