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.
