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EUR/GBP keeps the negative outlook – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the cross to retain its negative bias below 0.8105.

Key Quotes

EUR/GBP remains corrective but rallies should find decent resistance circa .7923 (short term downtrend)”.

“Intraday Elliott wave counts are suggesting that rallies will terminate circa .7895/.7915. Beyond this we should see failure and further weakness to the mid-August 2012 low at .7757 and the 50% retracement at .7744 (of the entire move up from 2000 to 2008)”.

“This is a key juncture on the chart and we could expect to see profit taking”.

“Recently the market rallied to and failed at its 2 year pivot line cutting in at .8068 this week. The outlook is therefore negative. Directly above here lies the 2013-2014 downtrend at .8105 and we will retain a negative bias while capped here”.

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