FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis, the cross could attempt a rebound to the 0.7075/0.7130 area. Key Quotes “EUR/GBP continues to hold above the new low at .6985. This new low 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 .7481 (this is the location of the 2013-2015 downtrend). We will maintain our bearish view while capped here”. For more information, read our latest forex news.