EUR/GBP to enjoy an stronger than expected correction higher – Commerzbank

EUR/GBP is correcting higher near-term. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to pierce the 0.8620 mark now.

See: EUR/GBP to edge lower toward 0.84 by year-end – Rabobank

Failure at 0.8471/65 to target 0.8314/0.8239 

“EUR/GBP’s correction higher has eroded the 55-day ma at 0.8555 and will shortly encounter the 0.8620 8th July high.”

“We note that the intraday Elliott wave counts have turned positive and are nervous that the correction higher will now be stronger than we initially anticipated.”

“Failure at 0.8471/65 on a closing basis would target 0.8314/0.8239 as well as the 200-month moving average at 0.8142.”