Top / Bottom Thermometer - EUR/GBP

Is a EUR/GBP top in place? Let’s see how our Top / Bottom Thermometer list stacks up:

Top / Bottom Thermometer
Percentage Likelihood of a Top: 70%

240 Minute Chart Indicates Turn

The rally in EURGBP from .6535 is in 5 waves and JPercentile has turned down from 100% on the 4 hour chart, so the likelihood that at least a temporary top is in place at .6866 is good. Although not shown on the chart, both the weekly and monthly pivot R2 resistance levels are at .6867 (just in front of the high). We are looking for a turn lower to test initial support at .6768. A deeper retracement may test the 4th wave of one less degree at .6689.