EUR/GBP a test of 0.8433 is not ruled out – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the current leg lower in the European cross could have further room to go and risks a test of 0.8433.

Key Quotes

“EUR/GBP continues to consolidate below its .8724 current August high. We remain unable to rule out further slippage to the .8433 support line which is expected to hold. While trading above there, the market will remain bid”.

“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”.