FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross could extend the downside to the 0.7260/15 band. Key Quotes “EUR/GBP is easing lower following initial failure at the 2013- 2016 downtrend at .7428. The market has eased back to the 20 day ma, we have a daily Elliott wave count back to .7260/.7215 and will see what the market does at this juncture”. “While we cannot dismiss the idea of a longer term base forming, we would need a weekly close above the .7492 2015 high to complete it. The Elliott wave counts are mainly positive, but a close back below the .7210/.7185, 55 and 200 day ma will concentrate efforts on the downside”. For more information, read our latest forex news.