We are observing a possible flat correction taking place on EURGBP, with current three-wave decline down from 1.6137 level ideally unfolding as wave c. In a flat waves a and b have three legs, while wave c has five. Support for final wave c can later be found near the lower channel line and near the Fibonacci ratio of 100.0. That said, the other Fibonacci ratio of 161.8 indicates, where sub-wave iii) of c can end, and a lesser degree pullback may follow.
EUR/AUD, 4-Hour