FX.co ★ Elliott wave analysis of EUR/GBP for March 30, 2020

EUR/GBP has been under a larger corrective pressure, than we first expected and has declined through the 38.2% corrective target for a firm test of the 50% corrective target at 0.8890 (the low has been seen at 0.8904). To indicate the completion of wave iv we need a break above minor resistance at 0.8990 and more importantly a break above resistance at 0.9040. A break above the later confirms that wave v is unfolding for the final rally towards 0.9742.

R3: 0.9121

R2: 0.9040

R1: 0.8990

Pivot: 0.8962

S1: 0.8900

S2: 0.8874

S3: 0.8839

Trading recommendation:

Our stop at 0.8910 has been hit for a 100 pips loss. We will re-buy EUR at 0.8900 or upon a break above 0.9040.