EUR/GBP Short term count - As long as minor resistance at 0.8220 and more importantly resistance at 0.8247 wave 2 could move a little lower towards 0.8186 before wave 2 finally is over and wave 3 takes over for a rally towards 0.8600 and maybe even higher. Remember Elliott's rule no. one, that wave 2 isn't allowed to break below the starting point of wave 1, which only leave wave 2 with a little more downside and maximum to 0.8154. This limited downside potential makes the upside potential very interesting.

EUR/GBP Short term count - Limited downside potential

The complex double zig-zag correction from 0.8400 should be close to an important bottom. As long as minor resistance at 0.8220 and more importantly as long as resistance at 0.8247 protects the upside, wave 2 could move a little lower towards 0.8186, but the potential downside risk from here is limited. Remember that Elliott's rule no. one says, that wave 2 isn't allowed to break below the starting point of wave 1, which in this case is at 0.8156.

However, a break above 0.8220 and more importantly a break above 0.8247 will open up the upside potential to 0.8600 and maybe even higher as wave 3 develops making the upside potential very interesting from here.