With this currency pair I haven't got an elliott wave count... just a classical pattern that could be forming.The chart is on a weekly time scale, so the possible future price action shown by the blue arrows may take quite some time to materialise.The point of this chart is that we seem to be having a possible bullish pennant building up... not 100% certain yet but the support (blue line) seems to be holding for now and has done so for the past 4 weeks!Will keep an eye on this one, but it looks like some interesting development at the moment.
Descending triangle maybe? Pennants are symmetrical, are they not, and are created over a relatively short period of time? I know most descending triangles appear in an existing downtrend, but it can appear in an uptrend too. I favour the down side as you can see :) Why would the euro be stronger than GBP anyway... surely we are all as fooked as each other :) Lets see shall we.
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