FX.co ★ Elliott wave analysis of EUR/GBP for May 19, 2020

EUR/GBP is currently consolidating and we should ideally see a second dip closer to strong support at 0.8866 before the next strong rally higher to 0.9066 and longer term a continuation to and above the former peak at 0.9499.

It's possible, that the second dip of the ongoing consolidation only manage to move as low at 0.8893 before taking off again towards the next upside target at 0.9066, but only time will show how impatient the bulls are.

R3: 0.9066

R2: 0.9029

R1: 0.8960

Pivot: 0.8946

S1: 0.8932

S2: 0.8893

S3: 0.8866