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31.03.202011:42 Forex Analysis & Reviews: Elliott wave analysis of EUR/GBP for March 31, 2020

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EUR/GBP is likely in a bottoming phase and we are looking for a break above minor resistance at 0.8988 that will be a strong indication that the corrective decline in wave iv has completed and wave v higher to the ideal target at 0.9242 is developing.

As long as minor resistance at 0.8988 is able to cap the upside, we could see a final spike to just below 0.8865 to like 0.8856 to complete the corrective decline in wave iv and to set the stage for a new impulsive rally in wave v.

R3: 0.9121

R2: 0.9040

R1: 0.8988

Pivot: 0.8962

S1: 0.8900

S2: 0.8865

S3: 0.8856

Trading recommendation:

We are long EUR from 0.8900 with our stop placed at 0.8800.

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