The emergency announcement of a 30M euro mechanism to bail Greece out sent EUR/USD pair gaped higher in early Asian Morning. Other pairs such as GBP/USD made significant leaps as well.
The cable opened with a gap with a formation of a wave (iii) of a minor elliot wave.(refer to the 30 MTF chart above). The gap confirmed the break of the stubborn hurdle of 1.5350 and peaked at 1.5484. The peak is about 1.27% fibo extension of the last swing and the completion of the 5 wave of the minor elliot wave.
GBP/USD is expecting to move downward forming the a-b-c corrective wave during the European/London session.
