Euro British Pound Rate Headed to a New High?

Euro British Pound Rate Headed to a New High…


Commentary: The decline from the November high (167.64) could be an A-B-C decline as part of a larger second wave. This seems extremely bullish given the individual counts in the USDJPY (bearish on the daily chart) and EURUSD (bullish on the daily chart). That said, the bullish count must be respected at this point, especially since the advance from 152.11 could be a series of 1st and 2nd waves. A bullish bias is warranted against 155.54.
Strategy – Bullish, against 155.54, target TBD

Commentary – The EURCHF has rebounded from the 1/23 low at 1.5823 and is closing in on the 38.2% of 1.6727-1.5823 at 1.6168. This is also a former congestion area. The pair might be tracing out a series of 1st and 2nd waves on the daily (just as the USDJPY did from June to December). If this is playing out, then price could eventually test the 61.8% of 1.6727-1.5823 at 1.6382. The form of the advance should be corrective. To this point, there would be 5 waves up following a rally through 1.6142. We will look to get bullish after a setback (assuming that the EURCHF completed the mentioned 5th wave).
Strategy – Flat

Commentary – A 4th wave correction in the EURGBP bull cycle from .7088 may be complete at .7391. If so, then price is headed for a new high now in wave 5 of that cycle (above .7612). [B]Make sure to check the Elliott Wave forum for updates to this pair[/B] We will be following it closely.
Strategy – Flat

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