EUR/GBP: September low eroded – Commerzbank

EUR/GBP has eroded its 200-day ma at 0.8741 and the 0.8786 September 2019 low, as Karen Jones from Commerzbank notes. The pair is trading at 0.8827 after recovering overnight.

Key quotes

“The Elliott wave count has turned more positive and dips lower are indicated to hold over the 0.8675/00 pivot and while above here it will remain relatively stable.” 

“The market has recently completed a base with a 0.8979 upside measured target.” 

“Initial resistance is the 0.8891 25th July low en route to the 0.8979 measured target.”