EUR/GBP bid above 0.8633 – Commerzbank

The European cross remains bid while above 0.8633, suggested Karen Jones, Head of FICC Technical Analysis Research at Commerzbank.

Key Quotes

“EUR/GBP has reached the .8815 February 2013 peak. We have a 13 count on the daily and the weekly, together with TD resistance at .8872 and will opt not to chase this higher at this point. We also have a 3 month resistance line at .8864. It remains immediately bid above the .8633 support line. It is reinforced by the 55 day ma at .8542”.

“Please note that we have various Elliott wave counts that suggest that the move will extend longer term towards the .9250 area”.