WEEKLY EURGBP ANALYSIS

This is my long-term analysis of EURGBP. It has completed 4 Elliot Wave impulse waves and is preparing to begin the 5th wave down to complete the sequence.

The Fibonacci retracement from WAVE 1 rejected the 61.8% level, showing the trend is strong. Therefore my target for the end of WAVE 5 and completion of this trend/sequence is at the 161.8% level (0.8454). If I had to guess a time limit on this I would say 3 to 4 weeks.

I would then expect a correction wave.

Happy trading!
Joe