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EUR/GBP: bears still have it - Commerzbank

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding EUR/GBP.

Key Quotes:

"EUR/GBP outlook stays negative following the break below the .7198 September low as this confirms the .7492 high as an interim high. We suspect that very near term that the market will consolidate its losses, but we remain bearish and target the .6937 July low and the 38.2% retracement of the move from 1971 at .6915. Intraday rallies should be contained by.7220/45 ahead of further weakness.

Interim top was made at 0.7492

Major resistance continues to be seen at .7518/42 (this is the location of the previous 43 year uptrend, which should now act as resistance and the 2013-2015 downtrend). We will maintain our bearish view while capped here."

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