Euro/British Pound Currency Pair – TradingLounge Day Chart Overview
Euro/British Pound Forex Pair Day Chart Analysis
EURGBP Elliott Wave Technical Analysis
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Function: Counter Trend
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Mode: Impulsive
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Structure: Navy blue wave 3
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Position: Gray wave C
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Direction (Next Higher Degrees): Navy blue wave 3 (started)
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Details: Navy blue wave 2 appears completed, with navy blue wave 3 now in progress.
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Wave Cancellation Invalidation Level: 0.84005
The EURGBP Elliott Wave analysis for the daily chart shows the market currently in a counter-trend phase with an impulsive movement underway. The primary focus is on navy blue wave 3, which highlights the market's direction in accordance with this significant Elliott Wave pattern.
At present, the market is situated within gray wave C, which is part of the larger navy blue wave 3 development. This transition concludes navy blue wave 2 and signals the initiation of the impulsive phase of wave 3.
In Elliott Wave theory, wave 3 typically exhibits strong and extended movement, indicating that the market may proceed with considerable momentum in the current trend’s direction.
The analysis suggests that navy blue wave 2 has finished, and navy blue wave 3 is now pushing the market forward, marking the shift from a corrective to an impulsive phase. This signals a potential continuation of the trend with strong momentum.
The invalidation level for this wave count is set at 0.84005. If the price falls below this threshold, the current Elliott Wave outlook will be deemed invalid, requiring a reevaluation. As long as the price remains above this level, navy blue wave 3 is expected to continue its impulsive movement uninterrupted.
Summary
The EURGBP pair is progressing through an impulsive phase on the daily chart, with navy blue wave 3 unfolding. As long as the price stays above 0.84005, the impulsive wave movement should continue without interruption.
Euro/British Pound (EURGBP) – TradingLounge 4-Hour Chart Overview
EURGBP Elliott Wave Technical Analysis
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Function: Counter Trend
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Mode: Impulsive
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Structure: Navy blue wave 3
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Position: Gray wave C
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Direction (Next Higher Degrees): Navy blue wave 3 (started)
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Details: Navy blue wave 2 appears completed, with navy blue wave 3 now in progress.
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Wave Cancellation Invalidation Level: 0.84181
On the 4-hour chart, the EURGBP Elliott Wave analysis shows the market in a counter-trend phase, with an impulsive mode currently driving price action. The market’s movement aligns with navy blue wave 3, signaling increasing momentum.
At this point, the market is within gray wave C, part of the broader navy blue wave 3 structure. Following the conclusion of navy blue wave 2, the market has transitioned into the impulsive phase of wave 3.
According to Elliott Wave theory, wave 3 is often a strong directional movement, and the current analysis supports this view, indicating that the trend will likely continue.
The navy blue wave 2 has concluded, and navy blue wave 3 is now unfolding, suggesting the market has entered the most powerful part of the Elliott Wave sequence. Strong price movement is expected in the current trend’s direction.
The invalidation level for this wave count is set at 0.84181. Should the price fall below this threshold, the analysis will be invalidated, necessitating a reassessment. As long as the price remains above this level, navy blue wave 3 is anticipated to continue without disruption.
Summary
The EURGBP pair is moving through an impulsive phase on the 4-hour chart, with navy blue wave 3 unfolding after the completion of wave 2. The trend is expected to continue unless the price falls below 0.84181.
Technical Analyst: Malik Awais
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