Elliott wave analysis of EUR/GBP for July 13, 2020

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EUR/GBP is holding above key support at 0.8912. The decline from 0.9175 is now losing downside momentum which could indicate a corrective bottom being in place. However, it will take a break above minor resistance at 0.9010 and more importantly a break above resistance at 0.9068 to confirm that a corrective low has been seen and a new impulsive rally is developing.

EUR/GBP may break below key-support at 0.8912 that will call for renewed downside pressure to 0.8347.

R3: 0.9068

R2: 0.9011

R1: 0.8969

Pivot: 0.8945

S1: 0.8912

S2: 0.8864

S3: 0.8807

Trading recommendation:

We bought EUR at 0.8646 and we have placed a stop of position to short at 0.8610.

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