EURGBP scenario for bulls and bears

FX:EURGBP   Euro / British Pound
111 0 5
The EURGBP             made a bearish impulse and is correcting relatively strong. So depending on what's next we can determine whether to buy or sell. the next continuation.
Below bearish scenario

I personally think a leg lower first and then a possible reversal for the third leg up but time will tell and the structure will show us what to expect.


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We have to patient because EURGBP can easily correct in another leg higher. However short term we might see a sell confirmation for at least an intra day trade opportunity.
Comment: EURGBP still seems in a consolidation suggesting that we need another leg higher after a bullish break. However I'm in the short with my stop at break even because I believe there is more room to downside with the potential of a bearish break. Although structure tells me at the moment that we need another leg higher taking out 0.7946. So lets see whether we test the lower structure line first.

Comment: sorry wrong post. I will create a new EURGBP post
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