EURGBP, Bear-Flag In Structure, Objections Ahead!

Hello,

Welcome to this analysis about EURGBP and the daily timeframe perspectives. In recent times EURGBP has developed a main bearish structure and as I discovered now there is a decisive formation in this structure which when completed will be the origin of heavy bearish continuations. Therefore, as when looking at my chart we can watch there how EURGBP has formed this main bear-flag-formation marked with the boundaries in blue, in this formation EURGBP already completed the wave-count reaching from A to C. Now as this wave-count completed it is also contributing to the more global ABC-impulse-wave-count to the downside and the wave B within this wave-count, therefore, when EURGBP closes below the lower boundary of this bear-flag this will be the activation of continuations and downside-targets marked in my chart in the 0.8225 Usd level in blue, when these targets are reached the situation needs to be elevated anew and EURGBP needs to show how it develops from there on, if there comes a potential reversal or it is just a setup for further bearish downside continuations, it will be an interesting journey.

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Comment:

ANALYSIS UPDATE: EURGBP pulled back within the channel formation to emerge with a massive bearish momentum breaking out of the channel formation.

EURGBP since breaking out of the channel formation reached all of the target zones.