A top, outlined on Wednesday, well good fits into inner dimension of 5th wave of current upward trend, in the limits of supposed forming correction C. Besides of it, this top fits rather well into correction level 38.2% (see day graphic). And, yet a price can bring surprise, in form of overcome reached maximum, overall dimension of coordinated a and c, allows us thinking of possible price u-turn on a pair EUR_GBP or coordinated departure. In favor of this also speaks strong oversoldness of stochastics on day graphic and MACD divergence on 4-hourly. In order to avoid unwarranted looses it is logical to wait for proof of trend possible u-turn.

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst