EUR/GBP has barely moved since our last update. EUR/GBP has moved inside a narrow range between 0.9064 - 0.9150. It is expected to break below minor support at 0.9064 and more importantly below support at 0.9025 to confirm that wave B has peaked and wave C is in motion.
Once support at 0.9025 gives away, we will be looking for a quick decline to 0.8650 - 0.8743. Wave C is likely to lower to the symmetrical triangles support-line near 0.7500.
R3: 0.9221
R2: 0.9190
R1: 0.9150
Pivot: 0.9064
S1: 0.9025
S2: 0.8976
S3: 0.8931
Trading recommendation:
We sell EUR from 0.9085 with our stop at 0.9185. If this scenario does not come true, we will sell EUR again at 0.9190 or upon a break below 0.9064
The material has been provided by InstaForex Company - www.instaforex.com