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EUR/GBP bearish below 0.7492 – Commerzbank

FXStreet (Edinburgh) - The offered tone around the cross remains on the bearish side, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/GBP recently saw a break below its 4 month support line however the new low at 0.6985 has not been confirmed by the daily RSI, which has diverged”.

“This is reflecting a loss of downside momentum and we note that the daily Elliott wave count is indicating a .7075/.7130 rally ahead of another leg lower”.

“Above here 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. We note the 13 count on the 240 minute and will sell on rallies”.

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