Elliott wave analysis of EUR/GBP for April 16, 2020

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EUR/GBP has barely been moving that last 24 hours and has been trading in a very narrow trading-range between 0.8685 - 0.8749. We continue to regard this narrow trading-range as a front-runner for a final dip close to 0.8621 to complete the corrective decline from 0.9499 and once the low is in place a new impulsive rally to above 0.9499 should be expected.

Only a direct break above 0.8793 will indicate a premature low has been found and the new impulsive rally to above 0.9499 is in motion.

R3: 0.8765

R2: 0.8745

R1: 0.8739

Pivot: 0.8702

S1: 0.8685

S2: 0.8650

S3: 0.8621

Trading recommendation:

We will buy EUR at 0.8635 or upon a break above 0.8765

The material has been provided by InstaForex Company - www.instaforex.com