For Traders

Analytical Reviews

Wave analysis

07.08.202006:49 Forex Analysis & Reviews: Elliott wave analysis of EUR/GBP for August 7, 2020

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 came dangerously close to test the short-term important support level at 0.8980 but stoppped at 0.8984 which keeps our bullish outlook alive. We would like to see a clear break above minor resistance at 0.9063 soon to confirm our bullish outlook and the next impulsive rally higher towards the former peak at 0.9148 on the way higher to 0.9298.

Short-term important support remains at 0.8980.

R3: 0.9108

R2: 0.9080

R1: 0.9063

Pivot: 0.9034

S1: 0.9021

S2: 0.9006

S3: 0.8980

Trading recommendation:

We bought EUR at 0.9025 and we have our stop at 0.8975

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.