FX.co ★ Elliott wave analysis of EUR/GBP for January 24, 2023

EUR/GBP has been consolidating within a rectangle since early October 2016 and looks set for the next challenge key resistance at 0.9306. A break above here should confirm the rally towards 1.0500. Short-term we are looking for EUR/GBP to break above minor resistance at 0.8786 and more importantly resistance at 0.8805 as confirmation that the next impulsive rally higher towards 0.9305 is in motion and ultimately a break above key resistance at 0.9306 is expected for a continuation higher towards 1.0500.