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EUR/GBP caution prevails – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent price action seen in the cross prompts some cautious trading.

Key Quotes

EUR/GBP is consolidating/upside corrective”.

“Rallies will find tough resistance at the 55 day ma at .7987 and Fibo resistance at .7998.

“The daily Elliott wave count is suggesting this is the end of the corrective move up”.

“The pattern however is not clear. It is possible that the chart is forming an inverse head and shoulders pattern, however we suspect it is in fact a rising wedge – so extreme caution is necessary”.

“The uptrend and 20 day ma will prove key we suspect and failure will trigger losses to the .7873 recent low and then the downside measurement from the wedge at .7820”.

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