EURGBP is ranging perfectly between a parallel descending channel. The nice thing about this pattern is that each wave has an ABC corrective pattern which has been highlighted in ABC.
We can see that we're currently on the 5th and final wave, which is the E wave. After this wave, we're expecting a major bullish reversal. In the meantime, we can still trade towards the buy zone by looking for lower timeframe corrections. However, the bigger swing trade is the BUY from the bottom.
Trade Idea: - Watch for the completion of E wave either at the double bottom or channel support - once price action appears, enter with stops below price rejection Targets: - Channel Resistance (300pips) - Start of the channel (600pips)
Let us know what you think. As always, trade safe!