Elliott wave analysis of EUR/GBP for January 26, 2023

EUR/GBP has seen an expanding leading diagonal as sub-wave i/, which has been followed by an expanding flat correction that still could move a bit lower into the support area between 0.8770-0.8785 before setting the stage for the next impulsive rally higher to at least 0.8994 and possibly even higher.

Short-term a break above minor resistance at 0.8824 will be a strong indication that sub-wave ii/ has completed and sub-wave iii/ higher to 0.8994 is unfolding.