$EURGBP 1 Hour Elliott Wave Analysis 5.29.2014

Preferred view is that wave “W” i.e. cycle from 0.8400 peak ended and wave X bounce is in progress. Following a pull back in wave B, expect more upside toward 0.8195 – 0.8200 region to complete wave X before decline resumes. We don’t like selling the pair in proposed wave B pull back. Once wave B pull back has completed and price has taken out the high of A @ 0.8151, traders can look at C = A and C = 1.236 x A ext levels to estimate the end of wave X.

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