Comment: After an unsuccessful attempt at forming a head and shoulders pattern at 0.9125, EUR/GBP entered a correction phase with distinct waves on the weekly and daily time-frames. The recent developments, however, show some bullish potential again on the hourly chart, suggesting that another solid wave might be coming up. The pair is currently on the edge of the pattern at 0.8478 and might possess enough momentum to push through the area if tested consistently. The break would open the way for tests of 0.8481 and most likely give in to the area with a retracement before more ambitious movements emerge.
