EUR/GBP still expects to test 0.8815 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the cross on its way to visit 0.8815 in the longer term.

Key Quotes

“EUR/GBP is to rally further from its August low at .8345 towards the August 18th low at .8592 and the July peak at .8614”.

“Longer term the market remains on course for the .8815 February 2013 peak. Please note that we have various Elliott wave counts that suggest that the move will extend towards the .9250 area”.

“Failure at the .8345 August low and the current September low at .8338 would put the July lows at .8302/.8252 back on the cards”.