GBPUSD EURGBP - Market Analysis for Feb 27th, 2020

British Pound

GBPUSD: as long as the pair holds below 1.2946 the ideal target in wave iii of (iii) resides at 1.268 - 1.26 area (the Primary count). Based on support regions derived from the Alternate count decline scenario may be tested at 1.28 and 1.275 regions.

EURGBP: strong move over the key resistance forced me to revise the order of probability of possible counts. The Primary (bullish) count is valid over 0.844 region.
The Alternate is technically valid below 0.8537 - but it is already seriously compromised by strong technicals.

BaseCase - GBP= - Alternate 1 Micro - Feb-27 0523 AM (1 hour)
BaseCase - GBP= - Alternate 1 Micro - Feb-27 0523 AM (1 hour)
BaseCase - EURGBP= - Primary Micro - Feb-27 0520 AM (1 hour)
BaseCase - EURGBP= - Primary Micro - Feb-27 0520 AM (1 hour)
BaseCase - EURGBP= - Alternate 1 Micro - Feb-27 0520 AM (1 hour)
BaseCase - EURGBP= - Alternate 1 Micro - Feb-27 0520 AM (1 hour)
BaseCase - GBP= - Primary Micro - Feb-27 0525 AM (1 hour)
BaseCase - GBP= - Primary Micro - Feb-27 0525 AM (1 hour)
Arkady Yakhnis provides extensive coverage on precious metals, energy, and forex at ElliottWaveTrader.