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