EUR/GBP stays bid above 0.8402 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross remains bid while above 0.8402.

Key Quotes

“EUR/GBP is seeing a small correction lower following the divergence of the weekly RSI and the 13 count on the daily chart and a TD perfected set up on the daily chart we are looking for failure”.

“The market has already reached the 61.8% retracement at .8710 of the move down from the 2008 peak and we suspect that we will see some consolidation here”.

“The market stays immediately bid while above the 0.8402 near term support line. The intraday Elliot wave count is suggesting a .8575 retracement”.