18.06.202006:57 Forex Analysis & Reviews: Elliott wave analysis of EUR/GBP for June 18, 20

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/GBP has not changed much in the last couple of weeks. However, we think that the sideways correction could be close to completion. A break above minor resistance at 0.8994 and more importantly a break above resistance at 0.9025 will confirm a strong impulsive rally towards 0.9499 and above.

A failure to break above minor resistance at 0.8994 will extend the sideways correction for a bit longer. A break higher is just a matter of time now.

R3: 0.925

R2: 0.8994

R1: 0.8970

Pivot: 0.8958

S1: 0.8937

S2: 0.8918

S3: 0.8894

Trading recommendation:

We remain long EUR from 0.8760 with our stop placed at 0.8860.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.