Elliott Wave View: EURGBP Looking for Further Downside

Short Term Elliott Wave View in EURGBP suggests rally to 0.8473 ended wave (2). Pair has resumed lower in wave (3) with internal subdivision as a 5 waves impulse. Down from wave (2), wave ((i)) ended at 0.8428 and wave ((ii)) ended at 0.8463. Pair then nested lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 0.8422 and wave (ii) ended at 0.8462. Wave (iii) lower ended at 0.8388 and wave (iv) ended at 0.842. Final leg wave (v) ended at 0.8356 which completed wave ((iii)). Rally in wave ((iv)) ended at 0.839. Pair then resumed lower in wave ((v)).

Down from wave ((iv)), wave (i) ended at 0.8352 and wave (ii) ended at 0.837. Wave (iii) ended at 0.8299 and wave (iv) ended at 0.8345. Final leg wave (v) ended at 0.8288 which completed wave ((v)) of 1 in higher degree. Pair corrected higher in wave 2 with internal subdivision of a zigzag Elliott Wave structure. Up from wave 1, wave ((a)) ended at 0.8335 and wave ((b)) ended at 0.8311. Wave ((c)) higher ended at 0.8378 which completed wave 2. Pair turned lower in wave 3. Down from wave 2, wave ((i)) ended at 0.8306. Expect wave ((ii)) rally to fail in 3, 7, 11 swing against 0.8378 and more importantly below 0.8472 for further downside.