$EURGBP 1 Hour Elliott Wave Analysis

Preferred view is that a mid-term low has formed @ 0.8153 and completed wave (( B )) on the daily time frame. Short-term consolidation is taking the form of a triangle and is valid as far as price stays above 0.8327 low. As this level holds, a push higher toward 0.8400 – 0.8420 region is expected to complete wave A. After that pair should make a pull back in wave B which would be 50 – 61.8% of wave A (rally from 0.8153). Shorter cycles are mature so rather than chasing strength at current levels, we like waiting for wave B dip to be seen and then looking for buying opportunities in 3, 7 or 11 swings as far as pivot at 0.8153 low remains intact. Break of 0.8327 would suggest wave A high is already in place @ 0.8380

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