EURGBP Bullish Setup

The EURGBP may have completed a correction from the December 2008 top. The structure of the decline since then is not especially clear, which is the first sign that the pair in question is stuck in some sort of correction. If the interpretation of the wave count is correct, then the EURGBP should retrace most of its decline. The break of a resistance line drawn off of highs in May and June suggests that the trend has turned up.