EURGBP Is Up More Than 5% Since Start Of the Year, But Structure Is Calling For More

EURGBP is trading sharply higher, now already up around 5.8% since start of January and it seems that current bullish trend will not end anytime soon. This traders, is the nice example of an impulsive pattern in action. We are tracking red wave 3) which is a five wave pattern; now with sub-wave 5 in progress which still has a room for a 0.8650 or even 0.8700 before we may get a larger, but still only a corrective retracement.

What is an impulse?
Impulse is the most common motive wave. Its a five wave pattern in the direction of a trend.