FX.co ★ Elliott wave analysis of EUR/GBP for June 27, 2023

It has been a while since we looked at EUR/GBP. After another failed test of resistance at 0.9270, EUR/GBP needs more time inside the consolidation between the 0.8305 to 0.9270 rectangle that has defined the trading range for EUR/GBP since mid-year 2016. We will be looking for a new dip to support near 0.8305 to complete this multi-year consolidation and a new impulsive rally unfolding from there towards the long-term target at 1.0592. But for now, more downside close to 0.8305 should be expected before the long-term consolidation is complete and renewed upside pressure should be seen.