EUR/GBP - Rallying nicely after a low at 0.7565
On May 25 I said that the ideal target for the ongoing correction was seen at 0.7565 (you can see that post here). After a perfect touchdown on this exact target, a new strong rally is developing.
A break above minor resistance at 0.7754 the low at 0.7565 will be confirmed for more upside progress towards 0.7947 and 0.8118 as wave 3 develops.
Looking at the hourly chart (the upper chart), we can see that once the base channel resistance-line was broken the rally just gained even more strength, just as expected during wave 3.
Finally a word of caution. Please do remember that corrections during wave 3 tend to be small or even sub-normal making the rally look almost vertical.
This is a perfect example of the power of Elliott Wave Analysis. First spotting the low to perfection and already being 185 pips higher and this is only the start of the new impulsive rally. To enjoy more calls like this, join the EWS as a member and be ahead of the rest.
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