EUR/GBP is finally moving higher from the corrective low at 0.8689. The break above minor resistance at 0.8737 was the first good indication that wave ii had completed. A strong rally in wave iii is underway to above 0.9499.
That said, we still need a break above short-term key resistance at 0.8868 to confirm the expected impulsive rally higher above 0.9499. The short-term risk is a break below 0.8693 that changes not only the 0.8689 corrective low but also the 0.8621 target before the correction from 0.9499 is completed.
R3: 0.8868
R2: 0.8759
R1: 0.8731
Pivot: 0.8711
S1: 0.8693
S2: 0.8675
S3: 0.8621
Trading recommendation:
We are long EUR from 0.8765 with our stop at 0.8670.
The material has been provided by InstaForex Company - www.instaforex.com