FX.co ★ Elliott wave analysis of EUR/GBP for July 21, 2022

It has been a little over a month since we last looked at this cross. Not much has happened since then, but we are seeing more clear signs of a bottom developing for the next impulsive rally towards 0.92070 and ultimately higher towards 1.0592.

Short-term we are looking for a firm test and break above the neckline resistance of the S/H/S bottom near 0.8705 and a break above here will call for the expected rally towards 0.9270 and ultimately above too.

Support is seen at 0.8394 which ideally should act as a floor.