Triangle On EUR/GBP Points Higher – Elliott Wave

Hello traders,

EUR/GBP is recovering with five waves, up from 0.828 area. We see current activity as a potential triangle in a fourth wave, which points above current highs, and towards the 0.8830 zone. We know that triangles are continuation patterns, which means once completed they push price into one more leg within the trend; in our case this is to the upside, before a turn in price may follow.

If we see price drop earlier, and it also breaks below the 0.8618 level, then this would already be an indication of a top in place, and a suggestion that a minimum three-wave move lower is underway.


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