EUR/GBP could test 0.8815 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could be headed towards 0.8815.

Key Quotes

“EUR/GBP remains on course for the .8815 February 2013 peak. Please note that we have various Elliott wave counts that suggest that the move will extend towards the .9250 area”.

“Short term however we have a Fibonacci extension to .8610, which has been met and a 13 count on the weekly chart and we have covered long positions as a precaution”.

“Dips lower will find initial support at .8320/.8410 the intraday Elliot wave count ahead of .8116 the April 2016 high”.