EUR/GBP: Positive outlook – Commerzbank

EUR/GBP outlook is positive as the market has recently eroded its 200-day ma at 0.8741 and the 0.8786 September 2019 low. Karen Jones, an analyst at Commerzbank, takes a look at the technical picture of the pair.

Key quotes 

“The Elliott wave count has turned more positive and dips lower are indicated to hold over the 0.8725/0.8645 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.”