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EUR/GBP bearish below 0.7492 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the European cross remains on the bearish side below 0.7492.

Key Quotes

EUR/GBP has sold off to the .7027 4 month support line, we would allow for some consolidation ahead of further weakness and note the daily Elliott wave count is indicating a .7120/65 rally ahead of another leg lower”.

“Initial resistance lies at .7196/98, the recent high, and major resistance continues to be seen at .7492 (this is the location of the 2013- 2015 downtrend)”.

“We will maintain our bearish view while capped here. The Elliott wave count is implying a move to .7210/45 ahead of further weakness”.

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