General overview for 12/11/2013 – EUR/GBP H4:
According to the main count there is a possibility of major top here on this pair @ 0.8298. However, please take into account that this low might be first leg, A green, of more complex and time consuming decline.
On longer time frame first level for wave 2 black of a larger cycle has been misshed by mere 10 pips.
Current price action looks rather impulsive and first three waves to the upside are done, so the corrective cycle is due. Possible shape of wave iv correction is a triangle pattern.
0.8298 – Swing Low
0.8365 – Weekly Pivot
0.8376 – Techncial Support
0.8414 – Techncial Support
0.8432 – WR1
0.8474 – 61%Fibo
0.8522 – 78%Fibo
0.8542 – WR2