FX.co ★ Elliott wave analysis of EUR/GBP for April 15 - 2020

EUR/GBP turned lower again after a minor corrective rally to 0.8739. A new low has been seen at 0.8682 confirming that the corrective downtrend is intact for a final dip closer to 0.8621 where a solid bottom for wave 2 is expected and a new impulsive rally should be seen.

Only a direct break above minor resistance at 0.8739 and more importantly a break above resistance at 0.8787 will confirm that EUR/GBP has bottomed and the next impulsive rally to above 0.9492 is developing.

R3: 0.8765

R2: 0.8745

R1: 0.8739

Pivot: 0.8702

S1: 0.8685

S2: 0.8650

S3: 0.8621

Trading recommendation:

We will buy EUR at 0.8635 or upon a break above resistance at 0.8765