EURGBP could decline further

Jul 5

I’d like to go short EURGBP. On the 4-hour chart, prices have been holding below the 200 moving average line and it looks like a three-wave correction could’ve ended at 0.8499, especially since it has been followed by a 5-wave decline. Aggressive traders could short here with a tight stop above 0.8500, while conservative traders could wait for a clear confirmation on the break below 0.8430 (the end of wave B of the correction) to enter shorts.