EUR/GBP has most like just ended wave ii of 3 of [5], therefore buying EUR against GBP here should pose very little risk, when taking the potential into account.
The longer term target for wave [5] should be above the top of wave [3] at 97.99. As it can be seen on the Daily chart above the rally since the bottom in 2001 has been nicely contained by the red channel borders. When a possible five wave impulsive rally is contained as well within the Elliott channel as is seen here then wave [5] is most likely to hit the upper channel border before ending.
The short term count (seen below) shows that a rally past the top of wave i at 85.59 will confirm that wave iii is under way for a move towards at least 86.43 and more likely 87.56.
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