EUR/GBP is showing a perfect corrective elliott wave structure after making 5 waves down. We now continue to play the rise up after an initial setback with our profit target at 0.8370 (fibonacci retracement + graphical resistance) and stop loss at 0.8300 (recent swing low + fibonacci projection).
The RSI is displaying a bullish divergence vs the price, which adds conviction to the rise we expect from here.
Trading Recommendations:
Buy now and on weakness
Take profit at 0.8370
Stop loss at 0.8300
The material has been provided by InstaForex Company – www.instaforex.com
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