EURGBP Flag
EURGBP had made a strong impulsive move from July 2015 to March 2016 (Pole)
Since then the pair have been within a consolidating wedge ( flag) .
Corrective waves A - D have played out.
Possibly wave E may be in progress with price strongly rejecting the 92 -93 level, with price now sitting near the Monthly Pivot of 90.50.
A completion of the E wave would move price back towards the 200 MAV ( reversion to longer term mean) of 86 level.
Two key drivers could be
1. A favorable solution to Brexit - for Pound
2. ECB with further unconventional measures - against Euro
Either or will do it.....
Since then the pair have been within a consolidating wedge ( flag) .
Corrective waves A - D have played out.
Possibly wave E may be in progress with price strongly rejecting the 92 -93 level, with price now sitting near the Monthly Pivot of 90.50.
A completion of the E wave would move price back towards the 200 MAV ( reversion to longer term mean) of 86 level.
Two key drivers could be
1. A favorable solution to Brexit - for Pound
2. ECB with further unconventional measures - against Euro
Either or will do it.....
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