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5 Feb 2015
EUR/GBP: Elliot wave count suggests scope for 0.7655/0.7735
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7484 with a high of 0.7510 and a low of 0.7449.
There were no surprises from the BoE and the cross remains in familiar ranges, supported below here at 0.7440 with the upside attempts negated by the move of over a cent from the highs 0.7593 post the Greek news of the ECB unwilling to receive Greek bonds as collateral.
Karen Jones, chief analyst at Commerzbank explained that EUR/GBP sold off aggressively and it is unclear to them if the correction higher is over or not. "The Elliott wave count on the daily suggests that there is scope for a deeper retracement to .7655/.7735, but the intraday charts are more negative."
There were no surprises from the BoE and the cross remains in familiar ranges, supported below here at 0.7440 with the upside attempts negated by the move of over a cent from the highs 0.7593 post the Greek news of the ECB unwilling to receive Greek bonds as collateral.
Karen Jones, chief analyst at Commerzbank explained that EUR/GBP sold off aggressively and it is unclear to them if the correction higher is over or not. "The Elliott wave count on the daily suggests that there is scope for a deeper retracement to .7655/.7735, but the intraday charts are more negative."