Forex pairs

1.4038 completes the (V) of 3 of wave C, making way for the wave 4 correction which can take the pair till 1.3735. Wave 2 of C was a Zigzag and took about a month to complete. That bodes for a sideways churn not to dip below 1.3735 and the churn lasting for at least couple of weeks. This is where the dilemma lies. See the chart below for GBP/USD and EUR/GBP for more pondering.

EUR/USD 60 min


GBP/USD finished wave (3) at 1.5873 and a fla correction brought it to 1.5775 and now the wave (5) has begun. Wave (1) travelled 696 pips; the initial target of wave 5 is equal to 696 that is 1.6471 but truncation can also happen. We will wait to set that target. But a near term target of above 1.6080 is here.

So what do we see if take the chart of EUR/USD in perspective? GBP will be relatively stronger than EUR against the USD. That is where conflict arises. See the chart of EUR/GBP below the chart of GBP/USD for looking at the conflict.

GBP/USD 60 min



The chart of EUR/GBP is telling the story of wave 4 in the 5 wave impulse upwards. I could even count the a-b-c-d-e of the barrier triangle and conclude that we are at the end of wave 4 and should see a wave 5 higher. that means EUR will be stronger than GBP.
This is the conflict with count of EUR/USD and GBP/USD chart.
I am forced to ponder if the count is wrong somewhere. The form of EUR/GBP seems more clearer.

EUR/GBP daily