$EURGBP 1 Hour Elliott Wave Analysis 4.23.2014

Break of 0.8227 low opens another extension lower in the pair and 0.8310 becomes wave (( x )). Preferred Elliott wave count is that wave (( a )) has almost completed and wave (( b )) bounce is now expected to fail below the trend line for continuation lower toward 0.8105 – 0.8142 region. We don’t like buying the pair in proposed wave (( b )) bounce and favour more downside after the bounce as far as price stays below 1 hour trend line and more importantly 0.8310 pivot.

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