Elliott Wave Analysis On GBPJPY And EURGBP
On the intraday chart of GBPUSD, we are looking at a possible three wave structure, labeled as A-B-C, that started from recent highs at 164.098 region, and is now trading midway through it's completion in wave B. That said wave B could be near finished, as price is unfolding near 61.8 fibo. ratio measured from wave A highs. The ideal turning point into lower levels would then be around 161-162.40 area.
Recently broken corrective channel line on EURGBP suggests, that the correction from 0.76507 to 0.79101 area is completed, and now lower levels are in play. That said this sharp decline could already be wave 1, the first leg of a new five wave sequence in red wave C).
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