One very interesting pair that we are tracking is the EURGBP which shows a nice and clean five wave rally from May lows up to 0.7900 where resistance has been found recently. So far we have seen a nice dip, but only with three legs for now, so we expect another leg down for a valid contra-trend formation. Wave C) drop is expected towards 0.7700-0.7720 area where we will look for a strong push to the upside.
Crude oil broke out of a triangle yesterday so more gains are expected in the sessions ahead, up into wave 5) that can be targeting 50.70 or even 51.60 area, while the price is above 48.32. The move can be very sharp as we expect an impulsive structure.
Crude OIL, 1H