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EUR/GBP – 3rd wave looking at daily 200-MA

FX:EURGBP   Euro Fx/British Pound
The odds appear stacked in favor of bears now. Given the head and shoulder breakout, I am plotting a fresh 5-wave             bearish structure.

  • This tells me a third wave is in progress and most probably an extended one.
  • Yesterday’s daily closing was also below 0.7633.
  • Hence, there is little reason now for the cross to suddenly turn higher. Oversold intraday indicators could trigger a short-term loss of momentum, thus leading to sideways action.
  • Overall, the cross appears destined to test daily 200-MA of 0.7516 levels.
  • Bearish invalidation is seen only if prices see day end closing above 0.7750 levels.
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