It would be a lie to say that EUR/GBP is in a hurry to break higher. It still managed to make a new short-term higher for the rally since the 0.8864 low indicating more upside should be expected towards 0.9183 as the next hurdle. If our count is correct, then ultimately resistance at 0.9183 shouldn't be a major hurdle, but just a minor glitch on the way higher to 0.9499 and above as wave iii gathers momentum.
That said, we know, that this rally will not be in a straight line and we need to be patient and let EUR/GBP work its way higher and ultimately it will accelerate higher as is the footprint for third waves.
R3: 0.9183
R2: 0.9134
R1: 0.9085
Pivot: 0.9055
S1: 0.9017
S2: 0.9002
S3: 0.8988
Trading recommendation:
We are long EUR from 0.8760 with our stop placed at 0.8910.
