EURGBP - Market Analysis for Jan 28th, 2019

EURGBP: we see reaction to the support region mentioned earlier. Extension to 0.848 region remains a doable scenario; to invalidate it the pair has to build impulsive pattern to the upside targeting over 0.8868 region eventually.
Without that rally lower extension remains a prevalent scenario.

Both options - extension to the downside as well as the low is in place - suppose strong rebound and larger degree rally, eventually. The difference is a starting point of presumable rally; shorts are advised to be very careful.

BaseCase - EURGBP - daily - 28-01-2019 - 2
BaseCase - EURGBP - daily - 28-01-2019 - 2
Arkady Yakhnis provides extensive coverage on precious metals, energy, and forex at ElliottWaveTrader.