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06.11.2019 19:19

EUR/GBP: Market is consolidating – Commerzbank

Karen Jones, an analyst at Commerzbank, believes that EUR/GBP is still sidelined, but the correction higher has proved to be very tepid indeed and the market remains on the defensive.

  • “There remains scope very near term for a move into the .8705/.8790 band (current intraday Elliott wave counts) ahead of further losses. Below .8571 we would allow for the slide to extend to the .8465 2019 low.
  • We note the TD support at .8485. Initial resistance is .8786 the mid-September low. Key resistance is the 55-day ma at .8834 and the October high at .9022. While capped here a negative bias is entrenched.
  • Resistance above the current October high at .9022 comes in at the .9149 September high. A rise above the next higher .9327 level would lead to the 2016 peak at .9403 to be in focus.”


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