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

EUR/GBP is finally testing key-resistance at 0.8866. This key-resistance will likely be able to reject the first test for a minor corrective decline to support the 0.8777 - 0.8795 area from where the next attack on the key-resistance is expected. A break above will confirm that a new impulsive rally above the 0.9499 peak.

R3: 0.8912

R2: 0.8890

R1: 0.8866

Pivot: 0.8832

S1: 0.8795

S2: 0.8777

S3: 0.8759

Trading recommendation:

We are long EUR from 0.8765 with our stop placed at 0.8670