EUR/GBP has re-tested support at 0.8995 (the low has been seen at 0.9004) and we do think a little more downside could be seen before the next impulsive rally higher towards the ideal target at 0.9742 takes place.
Short-term a break above minor resistance at 0.9100 will be an indication, that wave iv has completed, while a break above resistance at 0.9244 will confirm wave v is under way towards the 0.9742 target.
R3: 0.9244
R2: 0.9155
R1: 0.9100
Pivot: 0.9052
S1: 0.9004
S2: 0.8995
S3: 0.8948
Trading recommendation:
We bought EUR ar 0.9010 and we will place our stop at 0.8910.
