EUR/GBP bid above 0.8704 – Commerzbank

The cross remains bid above the support line at 0.8704, suggested Axel Rudolph, Senior Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP briefly made a new October high at .9140 before coming off again”.

“An overnight gap to .8849 is now being targeted and we look for this to be partially filled over the next few weeks. The currency pair remains immediately bid while above the .8704 support line. It is reinforced by the 55 day ma at .8589”.

“Above .9140 we have various Elliott wave counts that suggest that the move will extend longer term towards the .9250/.9375 area”.