EUR/GBP: Downside correction is gaining traction – Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, suggests that EUR/GBP cross is at last starting to correct lower – the market has temporarily topped at .9327 and the daily Elliott wave counts are suggesting that they allow for .9088, the 31st July low and possibly the 55 day ma at .9013.

Key Quotes

“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. Initial support lies at .9052 the 17th July high.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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