EURGBP corrected to 0.7830. The RSI shows that the correction may be over as the pair is oversold. Hence we are expecting a rally to the new highs in the next couple of days. That uptrend movement will be confirmed with the break above 0.7975. Of course below 0.77998 we should consider of wave count as invalid
The pair has been under pressure for few months now. At the moment it is experiencing a notable recovery which we believe is a display of the corrective wave (2) - light green. This recovery could continue to 0.9 level. From there the pair could resume its downtrend that may extend to the 0.8 level. This is true as long as the pair is trading below 0.95.