We do not track EURGBP much here, but I may personally keep an eye on it in weeks ahead as price could be pulling up, into another corrective wave 4 that can be a good short opportunity once the pattern unfolds. We see this wave 4 as part of a big impulsive drop from 2013 highs that can reach levels around 0.7500 by the end of the year. Resistance for wave 4 comes in around 0.8065, at former wave four.

EURGBP Weekly Elliott Wave Analysis

Traders, trading activity on the markets can be slow due to the U.S. celebrating Columbus Day holiday. On days as this one there are some shifts in trend as well called as "holiday reversals". So actually this move up on S&P from the low is very interesting but the question is if bulls will stay here. Well, we should get an answer tomorrow probably, when normal trading activity will be back. But for now this is looking encouraging as price is already at the upper resistance line but we need a decisive break above that line acceleration to 1930 to confirm a trend change.

S&P500 (December 2014) 30min Elliott Wave Analysis

Written by www.ew-forecast.com