EUR/GBP is bid near term - Commerzbank

In view of Karen Jones, analyst at Commerzbank, EUR/GBP cross is a bid near term but directly overhead lies the .8954 TD resistance and the .8980 78.6% Fibonacci retracement and is pretty tough resistance and it should hold the topside and provoke failure.

Key Quotes

“It is regarded as the last defence for .9120 December 2018 high. The daily Elliott wave count is implying a slide back to the 200 day ma at .8781 and then the March high at .8723 ahead of another leg higher. Failure here will target the 55 day ma at .8681.”

“We regard .8465 as an interim low.”