Weaker Prices Expected On EURGBP! - Elliott Wave Analysis

Hi fellow traders,

If euro will continue to decline and turn lower also against the crosses, then I think we might have to keep an eye on EURGBP next week as this one can give an opportunity to short it after a pullback, because of that five wave fall out of an ending diagonal.

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EURGBP, 1h

eurgbp, intra

Below we have the higher degree time frame of EURGBP, where we see an Elliott wave ending diagonal.

EURGBP, 4h

eurgbp, 4h

Elliott wave ending diagonal are powerfull reversal pattern, and tend to push price into a strong reversal, once they are fully develop. They also tend to push price towards the starting point of the pattern, which is in our case at the 0.8889 area.