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.