Technical indicators look good for a reversal once Wave B completes. Price Action is entering oversold territory around a .382 retracement of Wave A.
Rules: IF wave B hits at least a .382 retracement AND RSI indicates oversold AND a reversal pattern/candle reveals itself, THEN look for impulse C leg to retrace 1.0 the length of Wave A, taking profit 1 at .681 and profit 2 at 1.0.
One caveat to this idea is that fundamentals for EUR are strong while they are poor for GBP. In the short term this may cause a farther retracement to around .900
Disclaimer: My ideas are my own and not intended as investment advice.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.