He EUR / GBP could extend the bounce to the 0.8975 level, according Karen Jones, Head of the Technical Analysis Research Team at Commerzbank.
“The EUR / GBP sold last week and rebounded from the 200 week high at 0.8835 (on a closing basis). Note that the daily Elliott wave count suggests this is the end of the move and the count of 13 on the 240 minute chart implies a short-term force towards 0.8975 for now. “
“The rallies will need to recover at least 0.8926, the January 18 high, to ease immediate downward pressure. A jump above here is needed to allow recovery to 0.9000 and 0.9086. A move below 0.8835 / 25 will imply another downside to the April low of 0.8671 “.
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