Elliott wave analysis of EUR/GBP for August 7, 2020

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EUR/GBP came dangerously close to test the short-term important support level at 0.8980 but stoppped at 0.8984 which keeps our bullish outlook alive. We would like to see a clear break above minor resistance at 0.9063 soon to confirm our bullish outlook and the next impulsive rally higher towards the former peak at 0.9148 on the way higher to 0.9298.

Short-term important support remains at 0.8980.

R3: 0.9108

R2: 0.9080

R1: 0.9063

Pivot: 0.9034

S1: 0.9021

S2: 0.9006

S3: 0.8980

Trading recommendation:

We bought EUR at 0.9025 and we have our stop at 0.8975

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