Euro-Pound yet couldn’t consolidate above correction level 38.2% from dimension of wave 3 (or C) of downward trend. On 4-hour graphic can be well seen, how pair demonstrated its second attempt to “take” this level. In wedge forming process which can be well examined on graphic with day timeframe, it is logical to expect forthcoming u-turn. But top on 4-hourly allows possibility for breakdown above earlier reached levels 0.8835. MACD as usual allows examining possibility of soon u-turn.

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst