EUR/GBP still bullish above 0.8228/0.8110 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross keeps its bullish stance above the 0.8228/0.8110.

Key Quotes

“EUR/GBP is inching slowly higher following the outside day to the topside on Thursday following the BOE decision to cut interest rates. For now, we would allow for some consolidation near term. An upside bias is maintained above .8228/.8110”.

“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”.