EUR/GBP has been in downtrend after find the top at 0.93 in August. The move is showing a 5 wave movement. This suggests that after a 3 wave move correction, we may see further downside movement. As of now, the correction bounce could be considered as wave 2 of wave C. Our trader at Forex All Stars (www.forexallstars.com) was short from 0.92 and had closed the position at 0.88. Currently, we are watching the area between fib 38.2 and fib 50 to provide some resistance and the opportunity to get back in on the short side.
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