EUR/GBP Elliott Wave Analysis: Wave A Completes at 0.8447 — Wave B Bounce Toward 0.8540 Expected
EUR/GBP has delivered a sharp five-wave Wave A decline from the major (X)/C high near 0.8612, bottoming near the 2.618 Fibonacci extension at 0.84589. A corrective Wave B zigzag bounce toward 0.8540 is now expected, before Wave C resumes the decline. Here is the complete breakdown.
Elliott Wave Analysis: Where Is EUR/GBP Right Now?
Critical Levels and Wave Count
The (X)/C Major High — Near 0.8612:
The chart's left side shows a complex corrective structure — a contracting triangle (A)-(B)-(C)-(D)-(E) followed by a (b)-(d) consolidation — culminating in the (X)/C high near 0.8612, labeled (X) and C on the EWPlans chart.
Wave A — Five-Wave Decline (Complete):
From the (X)/C high, Wave A declined with clear five-wave precision:
(i) wave: ≈0.8590
(ii) wave: ≈0.8600
(iii) wave: Sharp drop to ≈0.8460
(iv) wave: Brief bounce to ≈0.8490
(v)/A wave: Terminal low near the 2.618 Fibonacci at 0.84589, completing at approximately 0.84474 — labeled on the EWPlans chart
Wave B — NOW DEVELOPING:
The red projected path on the chart maps a corrective Wave B zigzag: a small initial bounce, a brief pullback, then a rally toward approximately 0.8540, before Wave C resumes the decline toward approximately 0.8510.
Current price at 0.84707 shows the first stage of this recovery already underway.
Expected Scenario and Potential Moves
Current Phase — Wave B bounce developing:
EUR/GBP advances from current levels toward the 0.8540 zone, following the zigzag path mapped on the EWPlans chart.
Next Phase — Wave C resumes decline:
Once Wave B completes near 0.8540, Wave C is projected to resume the decline toward approximately 0.8510.
Key structural reference points:
0.86120: (X)/C high — major resistance
0.85900: (ii) wave reference
0.85400: Wave B projected high
0.84707: Current price
0.84589: 2.618 Fibonacci — Wave A reference
0.84474: Wave A low
Strategic Perspective for Traders
1. The 0.8540 zone is the key reference for Wave B completion. Price behavior here will confirm whether the bounce is complete and Wave C is ready to resume the decline.
2. ECB and BoE policy divergence remains the primary macro variable affecting the depth and pace of both the B-wave bounce and the subsequent C-wave move.
Conclusion — Follow EUR/GBP's Wave Structure With EWPlans
EUR/GBP has completed Wave A near 0.8447 at the 2.618 Fibonacci. A corrective Wave B bounce toward 0.8540 is now expected, setting up Wave C to resume the decline.
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