EURGBP--Monday, September 21, 2009
We may have seen an interim top in EURGBP this morning
Going back to the pattern shown last Friday, there has been in process an impulsive move off a beta low in early August (around 0.8450). The 2.618 Fibonacci target would be projected around 0.9090.
And shown in more detail on an 8 hour chart.
Notice how the first wave up from the base topped out in late August exactly 10 pips below the projected 1.618 target (0.8838 rather than the projected 0.8848).
If we adjust the pattern to take this in, the 2.618 target now become 0.9076 rather than 0.9093, which is roughly this morning's high.
Adjustment shown on daily chart:
And again on the 8 hour chart:
