EURGBP Can Move Towards 9.000 Area
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Nov 16 2018
EURGBP is trading sideways for the last two years within a very big contracting range. We see that path as a five A-B-C-D-E move where each leg has a characteristic of a correction. It’s a triangle that can be coming to an end of wave B so despite very strong leg up in the last few days, this can be still just an early start of a much bigger bullish trend that could lift pair even back to 2016 highs once the upper trendline around 0.91 is broken.
However, what really matters to me at this point is a bounce from the lower trendline support which means that new, at least temporary swing is now underway to the upper side of a range; to 0.9000. So from a trading perspective, despite potentially limited upside there is room for trades on the long side, especially if bounce from 0.8655 will unfold in five waves. For not that’s not the case yet, but seems like it’s going to happen. So with that being said, a three wave A-B-C pullback on hourly chart can be interested for longs. This view remains valid as long as 0.8655 level is not taken out.
EURGBP Weekly and 1h chart
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