EURGBP is unfolding a big, five-wave decline, down from 0.933 area with price currently trading within a leg 3). Wave 3) is an impulse, a five-wave structure so more weakness is still expected, as price can currently be unfolding a minor corrective wave 4 with potential resistance/turning point area near the 0.889 level.

Now we also labeled an alternate scenario, current low as a higher degree wave 3), which also points towards further weakness, once its following corrective wave 4) fully shows up. In other words, more weakness is expected either way.


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