FX.co ★ Elliott wave analysis of EUR/GBP for June 24, 2020

It would be a lie to say that EUR/GBP is in a hurry to break higher. It still managed to make a new short-term higher for the rally since the 0.8864 low indicating more upside should be expected towards 0.9183 as the next hurdle. If our count is correct, then ultimately resistance at 0.9183 shouldn't be a major hurdle, but just a minor glitch on the way higher to 0.9499 and above as wave iii gathers momentum.

That said, we know, that this rally will not be in a straight line and we need to be patient and let EUR/GBP work its way higher and ultimately it will accelerate higher as is the footprint for third waves.

R3: 0.9183

R2: 0.9134

R1: 0.9085

Pivot: 0.9055

S1: 0.9017

S2: 0.9002

S3: 0.8988

Trading recommendation:

We are long EUR from 0.8760 with our stop placed at 0.8910.