EUR/GBP Short - Failed breakouts and correction waves
EUR/GBP is pointing heavily towards the downside.
MACD is making slighty lower lows, despite the price rocketing. RSI is confirming room to decline (A), bounce (B) and further decline (C).
We have a decent trendchannel, with 2 fake breakouts, meaning the 2-try rule is in place (bullish failure), which should result in further decline.
Our trendchannel finished it 5th wave at 0.79. Upon completion of this wave, the pattern shows exhaustion and a correction wave should be in place.
We have a big shorting potential in (B), with low risk, but others entries might occur.
Our target (C) has a TP1 at around 0.75, with TP2 at 50% or 61,8% fib.
In case of bearish failure, look for the yellow line as bullish target
MACD is making slighty lower lows, despite the price rocketing. RSI is confirming room to decline (A), bounce (B) and further decline (C).
We have a decent trendchannel, with 2 fake breakouts, meaning the 2-try rule is in place (bullish failure), which should result in further decline.
Our trendchannel finished it 5th wave at 0.79. Upon completion of this wave, the pattern shows exhaustion and a correction wave should be in place.
We have a big shorting potential in (B), with low risk, but others entries might occur.
Our target (C) has a TP1 at around 0.75, with TP2 at 50% or 61,8% fib.
In case of bearish failure, look for the yellow line as bullish target
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