EURGBP can be unfolding a three-wave reversal from the highs, with recently completed leg B and now we see leg C in progress. Leg C is an impulse, meaning a five-wave drop must be seen, before we can regard it as completed. We are currently tracking sub-wave 3) of C, which can look for support near the lower channel line.
EURGBP, 4h
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On intra-day chart of EURGBP we have a closer look at wave 3) which is unfolding a five-wave drop from the 0.8917 seing high. Some support can be seen for sub-wave v of 3 near the lower channel line from where a temporary wave 4 correction can follow. Later we may see resistance for a wave 4 correction near the 0.8806 level.
EURGBP, 1h
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