Timeframe: 4h
EUR/GBP has formed an impulsive cycle from the low of 0.82422 on the 4H timeframe chart. The price has completed wave (3) at 0.8738 and has started falling into the corrective wave (4). The price has broken below the 20 EMA and is trading near the 50 EMA. The ATR of the price is 0.00352, and the ADX is at 30.72.
Wave (4) has reached the 38.2% retracement level and is approaching the area of wave 4 within wave (3), which is the estimated ending point for wave (4). Wave (2) retraced 61.8%, so we expect wave (4) not to fall much below 0.85268. Once wave (4) completes, traders may find a good setup with a small invalidation level at the recent low, and the following targets: 0.86300 – 0.86800 – 0.87400+.
We will provide further updates soon.
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