EUR/GBP bearish below 0.8116 – Commerzbank

FXStreet (Edinburgh) - The cross will keep its offered tone while trading below the 0.8116 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

‘EUR/GBP held steady to leave the outlook unchanged”.

“Last week the market rallied to and failed at its 2 year pivot line cutting in at .8068 this week”.

“The outlook for this week is therefore negative. Directly above here lies the 2013-2014 downtrend at .8116 and we will retain a negative bias while capped here”.

“Support lies at .7892/95 ahead of the .7873 recent low. Failure here will target the mid-August 2012 low at .7814”.