Elliott wave analysis of EUR/GBP for July 20, 2020


The EUR/GBP pair did not dip to support at 0.9043 as it halted at 0.9088. It is likely to be heading for resistance at 0.9175. A break above here will clear the path for a quick rally to 0.9322 and the former peak at 0.9500.

Only an unexpected break below 0.9063 will open up for another decline to 0.9015 before the pair rises higher again.

R3: 0.9278

R2: 0.9225

R1: 0.9175

Pivot: 0.9135

S1: 0.9113

S2: 0.9093

S3: 0.9063

Trading recommendation:

We are long EUR from 0.8646 and we will raise our stop to 0.9000

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