Elliott wave analysis of EUR/GBP for July 15, 2020

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EUR/GBP has recovered from the 0.8936 low. More upside pressure is expected to above the 0.9175 peak and ultimately higher towards 0.9499 peak.

Short-term we could see a minor set-back to support near 0.9034 where the next push higher should be expected. Only a break below 0.8936 will cause a revision of our bullish outlook.

R3: 0.9175

R2: 0.9113

R1: 0.9074

Pivot: 0.9064

S1: 0.9050

S2: 0.9034

S3: 0.9012

Trading recommendation:

We are long EUR from 0.8646 and we will move our stop higher to 0.8630.

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