EUR/GBP has a little downside exposed - CB

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/GBP is holding below the 200 day ma at 0.7365 and explained this is a key resistance exposing the downside before more upside

Key Quotes:

"Currently the Elliott wave count is suggesting a retracement to 0.7185/.7240 ahead of further strength. Directly overhead lies the 0.7482 May 2015 high and the 0.7504 55 week ma. Currently we suspect there is scope for this rally to extend to the 0.7616/36 double Fibo 38.2% retracement of the move from the 2013 peak and the 23.6% retracement of the move from the 2008 peak."