The EURGBP is still maintaining the downside direction. We are trading in a Double zig-zag correction pattern. But we must see the (X) wave initially make a minor zigzag correction in the upside direction. The upside correction might not be very deep it might not even reach the 61,8 Fibonacci level.
What you have to realize is that we had a similar pattern on USDCAD in the 2020 financial crisis. The pattern was between 16 May to 27 April 2020. The patterns are less the same so we can expect it unfold the same way.
Nicely done! Based on your analysis, how high do you see the price rising before the £ strengthens? or has your TA changed since the BoE statements came out?
Weshareio
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@jamesfrench73, still the same analysis, nothing changed