 The EUR/GBP has been very bullish. In fact it appears we are seeing impulse bullish waves, so we may expect a 3-wave down if the current double top seen in the 1H chart forms. It appears most likely about to form if the 0.8485 line is broken cleanly. A near-term target is the 0.84270 area, which is… |
 Today continues Friday’s move, and suggests the rally is a significant pullback since breaking below a triangle seen in the weekly.However we see that maybe it is not a triangle, but has developed into a… |
 The 1H chart for EUR/GBP shows the pair unable to break below 0.8320 area. I mentioned in previous posts that a break below should give a bearish signal. However, the support and then a break above a declining pattern resistance suggests a rally is at hand. The RSI also breaks above 60 after not being able to break below… |
 The euro has been very strong the last couple of weeks, surging against the Sterling. The daily chart however reminds us the overall market mode, which has been euro bearish relative to the pound… |
 The Euro has been gaining against the Pound since last week. This is in the context of a downswing since mid-March. Therefore, the overall mode is still bearish. You can see that more clearly in the daily chart. The 1H chart shows… |
 The EUR/GBP continues to slide. In Friday’s weekly update, I mentioned that the bearish outlook was confirmed, and I was waiting for a short rally to 0.83 before further decline… |
 The 1H chart shows a EUR/GBP pair declining, with the 50-period MA crossing below the 200-period MA. There is a bullish divergence with the RSI suggesting that the 0.82 area is supporting the pair, and it may be… |
 The EUR/GBP pair looks already in its decline. We may be in a sub wave 3 of wave 3 kind of scenario. The strength of the decline confirms. The break below channel support, which is already declining, also confirms. This simply implies that the subsequent pullback for wave 4 should not… |
 The daily shows that we are yet to complete Wave (C), which is an impulse wave. I believe the alternative count is appropriate because the break of the channel should be part of wave 3, not 5, which is suggested by the non-highlighted (i) to (v) counts. The original count suggests (C) is complete as well, which may be premature. |
 In the daily, we see that the RSI-reversal-suggested target of 0.8350 has been hit with a strong declining candle. This suggests the market may reach the next target, which is at 0.82. This is a pattern breakout projection in the daily. The RSI shows very bearish momentum… |