EUR/GBP to advance nicely towards the 0.8722 April high – Commerzbank

EUR/GBP has seen a strong rebound from the mid-July lows at 0.8505/00. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to enjoy further gains towards resistance at 0.8615/20 initially.

See: EUR/GBP to move downward towards 0.83 by end-2022 – Danske Bank 

Recovering off support at 0.8500

“UR/GBP has seen quite a reversal from the 0.8505/00 support, the lows from mid-July. This is currently indicated to be the end of wave 4 and we will go with this move and look to now buy the dips.”

“The 20-day ma has been eroded and we would allow for gains to resistance at 0.8615/20. Above 0.8620 would allow for 0.8663, the 200-day ma and 0.8671, the July 2021 high. Above here lies the 0.8722 April high.”