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4 Feb 2015
EUR/GBP headed of inter-year pivot - CB
FXStreet (Guatemala) - Analysts at Commerzbank noted that the EUR/GBP continues to see a a near term correction higher.
Key Quotes:
"The Elliott wave count on the daily suggests that there is scope for a deeper retracement to 0.7655/.7735. The market has recently recovered off 0.7408 and is holding over the base of a 5 year down channel at 0.7392."
"Following such an extensive sell off we would allow for some near term consolidation ahead of further weakness. Below 0.7390 would introduce scope to 0.7235/25 an inter-year pivot."
Key Quotes:
"The Elliott wave count on the daily suggests that there is scope for a deeper retracement to 0.7655/.7735. The market has recently recovered off 0.7408 and is holding over the base of a 5 year down channel at 0.7392."
"Following such an extensive sell off we would allow for some near term consolidation ahead of further weakness. Below 0.7390 would introduce scope to 0.7235/25 an inter-year pivot."