Elliott wave analysis of EUR/GBP for May 14, 2020

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EUR/GBP is again trying to break through the key-resistance at 0.8866. It should be a matter of time before this resistance is wiped out and a strong rally towards 0.9066 will start. The pair may grow above the former peak at 0.9499.

Support is currently seen at 0.8815, which we expect will be able to protect the downside before the next attempt to break above the key resistance at 0.8866.

R3: 0.8913

R2: 0.8866

R1: 0.8852

Pivot: 0.8838

S1: 0.8815

S2: 0.8795

S3: 0.8775

Trading recommendation:

We are long EUR from 0.8760 with our stop placed at 0.8670

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