Hi Traders,
The 1-hour chart of EURGBP shows a broke out of a support level with a textbook five-wave impulse.
.
Currently, the price seems to be making a three-wave zigzag corrective pattern which is most likely to terminate around 38.2 and 50.0 Fib ratio that lined up with the broken support turn resistance and moving averages.
.
Given that the correction is almost complete at the confluence zone, we will wait for the break out of the CTL to confirm the sell setup and break of the red horizontal line for a more conservative entry.
.
Best of luck on the chart!
Veejahbee.
The 1-hour chart of EURGBP shows a broke out of a support level with a textbook five-wave impulse.
.
Currently, the price seems to be making a three-wave zigzag corrective pattern which is most likely to terminate around 38.2 and 50.0 Fib ratio that lined up with the broken support turn resistance and moving averages.
.
Given that the correction is almost complete at the confluence zone, we will wait for the break out of the CTL to confirm the sell setup and break of the red horizontal line for a more conservative entry.
.
Best of luck on the chart!
Veejahbee.