Here is an update of my EUR/GBP chart from last week. The consolidation continues and I am expecting one more bounce higher in the Euro in line with a push back from the oversold zone in the EUR/USD. Once this C leg is complete expect another sharp impulse wave down. Look to sell between 0.8795 and 0.8820. Wave 2 of the larger move on the daily from 0.8850 retraced to near the 61.8% Fib, so according to the rule of alternation this retracement should only reach around the 38.2% Fib, which is a few pips below on 0.88. Keep stops at above the start of wave 2 at 0.8855.
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