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Stocks sold off last week…

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Elliott Wave Analysis On EURGBP And GBPJPY

EURGBP

EURGBP is higher at the moment, turning up from 0.8300 so we see price in wave C now, final leg of wave B) that is now underway towards 0.8470 area. There we some strong technical levels that may send price lower; first it's wave C=A equality level, then you have 61.8% Fibonacci resistance and also former wave four at 0.8469. As such, we think that bullish price action can be limited and that bears will get stronger next week.

EURGBP, 1H

EUR/GBP 1-Hour Chart


GBPJPY

GBPJPY is moving lower, now testing the trendline support connected from wave "a" which can be broken soon and send price down to our support seen at 136.44 where bounce will be expected next week, but after a completion of five sub-waves down in wave c.

GBPJPY, 1H

GBP/JPY 1-Hour Chart

 


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