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EUR/GBP 2017 Elliott Wave Forecast

Euro’s rally from 0.6936 (2015 low) above previous resistance at 0.9083 adds credence to our view that the correction from 0.9803 has possibly ended there and although price has retreated quite sharply from 0.9576 and pullback to 0.8300-05 is likely, reckon downside would be limited to 0.8115-20 (previous resistance) and bring another rise later, above 0.9045-50 would bring test of said resistance at 0.9576 but break there is needed to signal early upmove has resumed for subsequent retest of 0.9803 (2008 high) which is likely to hold on first testing, eventual upside target is pointing at psychological level at 1.0000.

On the downside, whilst pullback to 0.8300-10 and 0.8250 is likely, reckon downside would be limited to 0.8200 and previous resistance at 0.8117 should hold, bring another rise later. A drop below 0.8000 psychological level would defer our bullishness and risk weakness to 0.7940-45 (61.8% Fibonacci retracement of 0.6936-0.9576), then 0.7850 but downside should be limited to 0.7700 and support at 0.7565 should remain intact, bring another rise in late 2017.

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