In this blog, we are going to take a look at the Elliott Wave chart of EURGBP.  The 1 hour NY Midday chart update from July 6 shows that the pair has ended the cycle from April 30 low at 0.9177 high. The sub-waves of the rally unfolded as 5 waves impulsive structure. Elliott Wave theory dictates that 3 waves pullback should happen afterwards before the rally continues. Pair then decline lower from June 29 high. The decline unfolded as 5 waves and can be counted as wave A, where it ended at 0.9000 low. Since the first leg lower was in 5 waves, the correction is expected to unfold as zig-zag Elliott Wave structure. The pair is expected to bounce in wave B, which was still in progress. Afterwards, the pair can resume for another leg lower in wave C to end the zig-zag correction.

EURGBP 7.6.2020 1 Hour NY Midday Elliott Wave Update

The latest London chart update from July 14 shows that EURGBP ended wave B at 0.9067 high. The pair then extended lower in wave C as expected.  The subdivision of wave C unfolded as 5 waves and ended at 0.8936 low. From there, the pair resumed higher. While above 0.8936 low, expect the dip in 3,7, or 11 swings to continue to find support for more upside. However, the pair needs to break above June 29 high at 0.9177 to confirm that correction is complete. Otherwise, pair can still do 7 or 11 swings to correct the cycle from April 30 low.

EURGBP 7.14.2020 1 Hour London Elliott Wave Update

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British Pound Sterling gained last week against major currencies as positive headlines on Brexit negotiations start to trickle. The chart below shows the gain of Pound Sterling against some major currencies:

One of the positive developments came from the European Union’s softening stance on fishing rights. Fishing has been one of the two main stumbling blocks to a deal. Thus, the shift in the EU’s position has helped improve sentiment on the Pound Sterling. Bloomberg also reports about the two sides preparing for a stripped-down agreement. This will include a free trade deal eliminating tariff and quota but fall short of the broader accord. Thus, even though there are still disagreement in some key areas, some parts of the trade deal still can move forward. If this is the case, then the fear of hard Brexit with all-or-nothing approach will not materialize. Further negotiations will take place in coming weeks, and if further good news emerge, Pound Sterling may continue to advance higher.

EURGBP 4 hour Elliott Wave Chart

Cycle from 6.29.2020 high in EURGBP appears incomplete and pair can see further downside to reach 100% – 123.6% area towards 0.884 – 0.888. Decline is unfolding as an ABC zigzag Elliott Wave structure where the first leg of the decline to 0.9 on 7.2.2020 ended wave A or alternatively wave 1. Bounce to 0.9067 ended wave B or alternatively wave 2. Wave C or alternatively wave 3 is in progress and wave A = wave C target comes at 0.888. The subdivision of wave C currently also looks incomplete and need 5 waves to complete the third leg. While bounce stays below wave ((ii)) of C at 0.901, pair can see further downside to the blue box.

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In this blog, we are going to take a look at the Elliott Wave chart of EURGBP. The 1 hour London chart update from June 25, 2020 shows that the pair has ended the cycle from June 9 low in wave 1 at 0.9078 high. The rally unfolded as 5 waves impulse Elliott Wave Structure. The pair then did a pullback to correct that cycle as a zig-zag structure. Down from wave 1 high, wave ((a)) ended at 0.9014 low. The bounce in wave ((b)) ended at 0.9073 high.  The pair then continued to push lower in wave ((c)). The 100% extension of wave ((a))-((b)) where ((c)) can potentially end is at 0.8966-0.9007 area. We showed this area with a blue box. This is the area where we expect buyers to appear for 3 waves bounce at least or an extension higher.

EURGBP 25 June London Elliott Wave Update

June 25 New York update shows that EURGBP reached the blue box area. The pair then ended wave 2 pullback at 0.8999 low, which is within the blue box. From there, the pair saw a reaction higher after buyers appeared at that blue box area. The pair still needs to break above previous wave 1 high to confirm that wave 2 is already in place and the next leg higher is already in progress.

EURGBP 25 June New York Elliott Wave Update

June 27 weekend update shows that EURGBP continue to extend higher from the blue box. Up from 0.8999 low, wave (i) ended at 0.9049 high and the dip in wave (ii) ended at 0.9016 low.  The pair is currently in wave (iii) and has now broken above the previous wave 1 high. This allows buyers from the blue box a risk free position (stop loss moved to entry). As long as the low at 0.8999 stays intact, expect the dips in 3,7, or 11 swings to find support for more upside.

EURGBP 27 June Weekend Elliott Wave Update

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Pound Sterling declined against a basket of currencies last week after a series of negative news. First of all, Bank of England (BOE) decided to increase quantitative easing by £100BN, putting pressure to Pound Sterling. Secondly, the deadlock in EU and UK trade negotiations over Brexit would likely persist until the year-end. Then finally, Bank of England does not rule out negative interest rate and likely to consider it in 2H20.

UK economy has been battered by the Covid-19 pandemic. A very negative economic growth and the uncertainty over Brexit can limit the strength in GBP this year. Below is the currency’s performance against other world currencies last week.

EURGBP Weekly Elliott Wave Chart

$EURGBP weekly chart above shows an incomplete sequence from July 2015 low favoring more upside. The rally is proposed to be unfolding as a zigzag Elliott Wave structure. Up from July 2015 low, wave a ended at 0.9306 as 5 waves impulse structure. From there, wave b pullback ended a t0.8277 as an expanded flat structure where wave ((A)) ended at 0.862, wave ((B)) ended at 0.9324, and wave ((C)) ended at 0.8277. Pair has since resumed higher and broken above previous wave ((B)) high suggesting wave c has started. Up from wave ((B)) low, wave ((1)) ended at 0.9499 and wave ((2)) is proposed complete at 0.8671. Pair now still needs to break above wave ((1)) at 0.9499 to avoid a double correction.

EURGBP 4 Hour  Elliott Wave Chart

4 hour chart of EURGBP above shows the pair also has a bullish sequence from 4.30.2020 low favoring more upside. Up from 4.30.2020 low, the rally ended wave (1) at 0.9054, and pullback in wave (2) ended at 0.8862. Pair has since broken above wave (1) at 0.9054, suggesting the next leg higher has started. Near term, dips should see support in 3, 7, or 11 swing against wave (2) low at 0.8862.

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