Hey Traders! EURGBP has bounced at the "preferred" reversal level, meaning the AB=CD zig-zag completion. Limit is set at the previous wave-iv support on a lower TF with stop tightly placed below base of wave-i. If stop is hit, we have to re-evaluate the wave count and look for an even deeper correction. TP is placed at the top of previous wave-iii for a conservative TP. Happy Trading
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This is a 3.5 pip stop-out. I will be waiting for wave-v to complete now and look for shorts rather than chasing the trade and placing a wide stop. Good Luck!
