Elliott wave analysis of EUR/GBP for June 18, 20

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EUR/GBP has not changed much in the last couple of weeks. However, we think that the sideways correction could be close to completion. A break above minor resistance at 0.8994 and more importantly a break above resistance at 0.9025 will confirm a strong impulsive rally towards 0.9499 and above.

A failure to break above minor resistance at 0.8994 will extend the sideways correction for a bit longer. A break higher is just a matter of time now.

R3: 0.925

R2: 0.8994

R1: 0.8970

Pivot: 0.8958

S1: 0.8937

S2: 0.8918

S3: 0.8894

Trading recommendation:

We remain long EUR from 0.8760 with our stop placed at 0.8860.

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