EURGBP – An Upside Move Likely?

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Divergence University

The Euro moved lower against the British Pound, and traded close to the 0.7200 area which represents a major pivot in the near term. Moreover, there is a wave duplication pattern formed on the 4-hours chart, suggesting that buyers might appear to prevent downsides. So, I think we should be looking for a short-term buy opportunity as long as the last low holds.

If the EURGBP pair moves a bit higher from the current levels and then corrects lower, we can plan on entering a buy trade. Overall, buying dips look like a good idea in the near term.

Technical Analysis

H4– Chart highlighting a wave duplication pattern on the 4-hours chart.
EURGBP - H4 forex double waves Elliott waves
Entry:

H1– We can enter a buy trade in the EURGBP pair if it moves a few pips higher from the current levels, and then corrects lower in two ways (as shown in the chart).
EURGBP - H1 forex elliott waves
Target 1: 0.7300
Target 2: 0.7340
Stop Loss: Break and close below the 0.7180 area

Video Explanation:

Yours,
Vladimir

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