On the 4 hour time frame for EURGBP we can see a very nice Elliot Wave structure. Currently we are in the 4th wave of a bullish Elliot structure. Its most likely that this wave down will approach the lower range before bouncing back up into its final 5th wave. On Stoch we also have a nice bearish crossover and the ADX shows a bearish claw. Supporting a down move towards the lower range which will get hit around 0.8880.
Trading advice: Short with target of 0,8880. At this price take profit and enter your 1st buy position to catch the 5th wave with a target of 0.92 > 0.96
Trade active
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entry at 0.8905
Trade closed: target reached
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Trade active
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buy activated with a 40 pip stop loss. Wil still have profit on the average if stop gets hit :)