We are viewing the late September low in the cross as a significant wave-5 low that ended the 5 wave decline from .88 in 2013. Since, prices have traced a wave-1 rally and deep wave-2 correction. A breakout above .7862 will complete a bullish double bottom and raise the case for wave-3 up to a new high. S/t, the double bottom projects gains to .7926. Key support is .7810. For today look for a resolution higher to .7912/26. Levels: Support – .7835, .7810, .7766 Resistance – .7862, .7912, .7926
Read the full report: EURGBP