EUR/GBP: Scope for the 0.9803 2008 high – Commerzbank

EUR/GBP charted a high of 0.9501 yesterday and analysts at Commerzbank note the presence of a 13 count. These are warning signs for the up move. 

Key quotes

“We would allow for some near term consolidation/corrective set back.” 

“Dips lower should find some support offered by the 0.9022 October high.” 

“Currently the Elliott wave count on the daily chart is suggesting that we allow for a corrective set back to 0.8850.” 

“Above 0.9501 all we have is the 0.9803 2008 high.”