In this episode we are looking at a bearish bat
on the euro-pound! Price has consolidated a little between the A, B and C coordinates, giving great shape to the movement. The D point is forming in an area where price has previously bounced- if the weekly chart is anything to go by, there has been a lot of action around this level.
As always, I'm drawing the chart up very early; there may be economic data released that alters the direction of the final CD wave before it reaches the D point, but I will keep an eye on this pair until then.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618