EUR/GBP now looks to 0.8878 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the European cross could now head towards the 0.8878 level.

Key Quotes

“EUR/GBP’s intraday Elliott wave counts are positive and rallies look set to extend to the 200 day ma at .8878. What is not clear at this juncture is whether or not the market has enough impetus to rally above its 200 day ma”.

“While capped here we will continue to target .8526, the 78.6% retracement of the move from 2017. En route is a support line at .8577”.

“Above .8879 would allow for a recovery to the .8969 recent high and the .9034 October 2017 high”.