EUR/GBP: Small bounce higher in near term? – Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/GBP cross has held the initial test of the .9088 31st July low and we are seeing a very small bounce higher very near term.

Key Quotes

“It remains overall downside corrective – the market has temporarily topped at .9327 and we look for losses to the 55 day ma at .9027 and there is scope for the 50% retracement at .8896.”

“The intraday Elliott wave counts are conflicting and for now we will step aside. Intraday rallies are likely to hold below .9225. Above .9327 targets .9403, the 2016 high and eventually .9803. Only below the July low at .8891 will alleviate upside pressure.”