Elliott wave analysis of EUR/GBP for May 18 - 2020

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EUR/GBP has finally broken through key resistance at 0.8866. The pair is likely to move higher to 0.9066 as its first obstacle. However, in the longer-term, we should see EUR/GBP to go above the 0.9499 peak.

Support is now seen at the former resistance at 0.8866. This should ideally protect the downside for a continuation higher to 0.9066 and ultimately to 0.9499.

R3: 0.9183

R2: 0.9066

R1: 0.8987

Pivot: 0.8934

S1: 0.8914

S2: 0.8866

S3: 0.8850

Trading recommendation:

We buy EUR from 0.8760 and we will move our stop higher to 0.8815

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