EURGBP to Almost Done With an ABC Correction
The price action is currently establishing an ABC correction following the completion of the previous 1-5 Elliott impulse wave pattern. Once the correction is completed, the price action is likely to continue appreciating.
Bulls should look for a potential rebound in one of two places: either from the 61.8 per cent Fibonacci at 0.83387 or the lower limit of the ascending channel. Notice that the latter is currently converging with a resistance-turned-support area.
Bulls should look for a potential rebound in one of two places: either from the 61.8 per cent Fibonacci at 0.83387 or the lower limit of the ascending channel. Notice that the latter is currently converging with a resistance-turned-support area.
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