Elliott wave analysis of EUR/GBP for July 16, 2020

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The expected minor set-back to 0.9034 is currently unfolding and the corrective pattern is some kind of flat correction is unfolding. It means that a rally back close to the former peak at 0.9113 and then a second dip close to 0.9034 from where the next impulsive rally higher towards 0.9485 is expected.

R3: 0.9175

R2: 0.9113

R1: 0.9074

Pivot: 0.9064

S1: 0.9050

S2: 0.9044

S3: 0.9034

Trading recommendation:

We are long EUR from 0.8646 with our stop placed at 0.8630

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