ORBEX: EURGBP - Ready to Take Break-even Stops Lower?
EURGBP could move a tad lower to complete intermediate wave 2 near 0.8480 before continuing higher. The said level is the 100% FE of the first minute degree zig-zag and could be duplicated as minor X was somewhat dominant.
Look for a valid reversal above last zig-zag's minute b wave but expect minute c to complete first. Minute c should be truncated to support this outlook, otherwise, fresh lows can be expected.
Should prices move below minute a low the complex minor W,X,Y pattern could come to an end.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Look for a valid reversal above last zig-zag's minute b wave but expect minute c to complete first. Minute c should be truncated to support this outlook, otherwise, fresh lows can be expected.
Should prices move below minute a low the complex minor W,X,Y pattern could come to an end.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
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