EURGBP has completed 5 waves in a downtrend and a bottom is in place due to the fact that final wave has completed an ending diagonal pattern.
A magnified view of the ending diagonal pattern can be seen below on the 4 hour chart. This pattern will be followed by a trend reversal and thus a surge in price of EURGBP with minimum immediate target of 0.75 which is the high of the previous wave i.e. wave 4.
On the hourly chart a small impulsive upmove has already begun with the formation of higher to…
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