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Euro/British Pound (EURGBP) Day ChartEURGBP Elliott Wave Technical Analysis

Wave Invalid Level: 0.84483The EURGBP daily chart analysis from Trading Lounge highlights a bearish trend characterized by an impulsive Elliott Wave structure. The current active wave is orange wave 3, situated within navy blue wave 3, signifying ongoing downward momentum. With the completion of orange wave 2, the commencement of orange wave 3 marks the next stage in this bearish progression.In Elliott Wave theory, wave 3 is typically associated with a strong, extended move aligning with the dominant trend. The progression of orange wave 3 within navy blue wave 3 reinforces the bearish outlook, suggesting further price declines as this phase unfolds.The analysis identifies an invalidation level at 0.84483. Should the price rise to or exceed this level, the current wave structure would be invalidated, implying a potential weakening or reversal of the bearish trend. This invalidation level is crucial for traders, serving as a key reference point for confirming the Elliott Wave pattern’s continuity and market direction.SummaryThe EURGBP daily chart reveals a bearish trend, driven by orange wave 3 within navy blue wave 3. The conclusion of orange wave 2 has set the stage for a significant downward movement, with further declines expected in this bearish cycle.Traders are advised to closely monitor the invalidation level at 0.84483, as a breach could disrupt the current wave structure and indicate a possible trend reversal. This level plays a vital role in validating the Elliott Wave analysis and ensuring alignment with the market’s bearish trajectory. Euro/British Pound (EURGBP) 4-Hour ChartEURGBP Elliott Wave Technical Analysis

Wave Invalid Level: 0.84483The EURGBP 4-hour chart analysis from Trading Lounge indicates a bearish trend shaped by an impulsive Elliott Wave structure. The active wave is orange wave 3, located within navy blue wave 3, signaling sustained downward momentum. The completion of orange wave 2 has paved the way for orange wave 3, initiating the next stage in the overall bearish trend.In Elliott Wave theory, wave 3 is often marked by robust movement that strongly extends the prevailing trend. The advancement of orange wave 3 within navy blue wave 3 underscores the bearish sentiment, with additional price declines likely as this phase continues.A crucial invalidation level is set at 0.84483. If the price rises to or exceeds this level, the current wave structure will be invalidated, suggesting a possible trend shift or reversal. This threshold serves as a vital benchmark for traders to confirm the wave pattern’s validity and the market’s directional integrity.SummaryThe EURGBP 4-hour chart highlights a bearish trend, driven by orange wave 3 within navy blue wave 3. The resolution of orange wave 2 has prepared the market for a significant downward phase, with further declines anticipated as the bearish cycle unfolds.Traders are encouraged to monitor the invalidation level at 0.84483 closely, as any movement beyond this point may disrupt the current wave structure and suggest a trend reversal. This level is critical for maintaining the accuracy of the Elliott Wave analysis and validating the bearish outlook for EURGBP.Technical Analyst: Malik AwaisSource: Tradinglounge.comMore By This Author:Wave Technical Analysis: Bitcoin Crypto Price News For Tuesday, Nov 19
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