Further to our earlier view that EURGBP is bullish in the long term, we have adopted a near term view of the pair. Our view is that this pair has most likely adopted a bearish pattern, at least for the coming weeks, and our near term outlook is now bearish. Overall price structure seems to have traced out what looks like a truncated fifth wave upwards as shown with current price action downwards tracing out what looks like wave 5 of an initial corrective move down.
Key support areas to watch are now 0.83039 and 0.81699 respectively.
In the long term our bullish view of the pair still holds provided 0.78044/0.77371 cluster support zone is not taken out.
Key support areas to watch are now 0.83039 and 0.81699 respectively.
In the long term our bullish view of the pair still holds provided 0.78044/0.77371 cluster support zone is not taken out.
