Jamesb

Jamesb

Three ending patterns come together at the last low, as well as divergences which usually indicate a turning point. There is, of course one more possibility of a retrace on the current long direction, but i think the general direction is "north". Anil has a Daily prognosis on this pair which may be interesting.

Jamesb

On the basis of a simple impulse and retace model, I think that the EURGBP is consolidating to provide a retrace of the last impluse which will then turn downwards to the .27 / .786 Fib.