*** EUR/GBP – SHORT TERM ELLIOTT WAVE ANALYSIS ***

The trend is bullish in EUR/GBP currency pair, 15 minutes time frame. As I have suggested few hours ago during my daily Live Trading Room session, the price of EUR/GBP pair is going to rise up more now on a short-term basis to print a corrective bullish Zig Zag Elliott wave pattern and traders should look for a buy trade. Strong key support level is present at 0.8795 price level.

Price action in the EUR/GBP currency pair is now likely to rise up more to complete the bullish Zig Zag corrective wave pattern, A, B and C legs. Based on Elliott wave forecast, bullish Wave C is the last bullish leg of the bullish Zig Zag corrective wave pattern. So, I expect the market to resume the up-trend. Next, price action is most likely going to prints a top as well in coming trading hours after completing the Wave C bullish leg.

Currently, bullish Wave C which belongs to the Bullish Zig Zag corrective pattern looks incomplete. A good idea is look for a Buy trading chance to join an up-trend around 0.8836 price area because price is most probably going to rise up towards 0.8860 price level. However; if the price of EUR/GBP currency pair breaks below 0.8795 key support level then up trend is going to fail. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/GBP fifteen minutes chart.