Elliott wave analysis of EUR/GBP for July 28, 2020

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EUR/GBP is currently testing resistance at 0.9138 and a clear break above here will call for a continuation higher to 0.9298 and 0.9500 as the next upside targets. Longer term we are looking for a break above the former peak at 0.9500 too, but for now, we should focus on minor resistance at 0.9138 and a possible break above here and a rally to 0.9298.

Support is now see at 0.9082 and the near 0.9053. Ideally the later will protect the downside for the expected break above 0.9138.

R3: 0.9175

R2: 0.9154

R1: 0.9138

Pivot: 0.9082

S1: 0.9069

S2: 0.9053

S3: 0.9044

Trading recommendation:

We are long EUR from 0.8646 with our stop placed at 0.9000

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