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08.07.202007:36 Forex Analysis & Reviews: Elliott wave analysis of EUR/GBP for July 8, 2020

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EUR/GBP broke below short-term important support at 0.9000. It may dip to 0.8946 before the next rally to the short-term important resistance at 0.9068 which confirms renewed upside pressure.

The break below short-term key support at 0.9000 indicates a temporary bearish count. This count calls for a continuation lower to 0.8347 before the decline from 0.9500 finally is completed and a new bullish rally can take place.

For now, we will stick to a bullish scenario. However, a break below 0.8864 will change the preferred count to the bearish count.

R3: 0.9176

R2: 0.9120

R1: 0.9068

Pivot: 0.9000

S1: 0.8946

S2: 0.8912

S3: 0.8864

Trading recommendation:

Our stop at 0.8985 was hit for a nice 225 pips profit. We will buy EUR again at 0.8946 or upon a break above 0.9068. If we get our buy order at 0.8946 filled we will place our stop at 0.8860.

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