EURGBP bounce expected to fail after 7 swings

Preferred Elliott Wave view suggests decline from 0.8065 – 0.7764 was a triple three (WXYZ) structure and completed wave ( A ). Wave ( B ) is in progress and taking the form of 7 swings structure. Wave “W” ended at 0.7860 and dip to 0.7817 was wave “X”. Pair has already made a new high above 0.7860 which means pair is currently in 5th swing which usually ends in 0.618 – 0.764 ext (0.7882 – 0.7897) of 1st 3 swings. Expect a pull back from this area but while above 0.7817 low, pair would be expected to continue higher toward 0.7917 – 0.7959 area which is 50 – 61.8 fib of ( A ) and equal legs – 1.236 ext of W-X is also in the same area. We don’t like buying the pair as move up is shown with a dotted line and there is a red arrow at the top. Therefore, we expect sellers to appear in above area and decline to resume as far as pivot at 0.8065 high stays intact.

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