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”. For more information, read our latest forex news.