Elliott wave analysis of EUR/GBP for April 8 - 2020

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We have seen minor support at 0.8808 that protected the downside as expected. A firm break above short-term key-resistance at 0.8866 as a break above here will be a strong indication that wave iv has completed and the final rally towards 0.9742 is unfolding.

A break above 0.8866 will also trigger a small inverted S/H/S bottom also adding support to our view that wave iv is close to completion.

R3: 0.8911

R2: 0.8866

R1: 0.8827

Pivot: 0.8808

S1: 0.8785

S2: 0.8767

S3: 0.8742

Trading recommendation:

We are long EUR from 0.8760 with our stop placed at 0.8730

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