FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook for the European cross remains tilted to the bearish side in the longer run. Key Quotes “EUR/GBP – the daily chart continues to indicate that this is the end of the move (wave 4 on the daily chart). It is also the 61.8% retracement of the move down from October and directly above we find the 55 week ma at .7306”. “We have exited long positions and reinstated shorts. The intraday Elliott wave counts are contradictory (currently the market is holding the 200 day ma at 7202)”. “Major resistance is not encountered until the 2013-2015 downtrend at .7450, where we expect to see failure. We will maintain our longer term bearish view while capped here”. For more information, read our latest forex news.