Elliott Wave View: Downside Pressure in EURGBP

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EURGBP shows a sequence of lower low from August 29, 2017 high, suggesting further downside is likely. The bounce to 0.9105 on January 3, 2019 high ended wave (2). From there, pair declines as a double three Elliott Wave structure where wave W ended at 0.8615 and wave X ended at 0.884. Pair broke below wave W at 0.8615 and confirmed that the next leg lower in wave Y has started.

From 0.88407 peak the market is currently unfolding as an Elliott Wave Zig Zag structure. Which ended wave (a) at 0.8665 low. Above, from there it ended wave (b) bounce at 0.8730. Below from there we expect it to extend into the blue box area of 0.8552-0.8510, which is the equal legs of wave (a)-(b). Where we expect wave ((w)) to end. Afterwards we expect a bounce in wave ((x)) to occur. As long as the market stays below 0.88407 peak we expect it to extend lower.