I have been watching this EURGBP daily wave count for a few months now and just recently has it moved into a Fib support zone that I am interested in buying for a slightly longer-term position. EURGBP made a nice 5-wave move up from 0.6538 to 0.6867 in Feb, March of this year, and has since chopped lower in a 3-wave, A-B-C move towards 0.6700 support. For tonight, I am bidding just above the figure at around 0.6705 with 20 point stops. The objective will remain open for now, but will do my best to hold until 0.6800.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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