EUR/GBP: a neutral/negative bias - Commerzbank

Analysts at Commerzbank explained that the outlook for EUR/GBP in the near term is negative:

Key Quotes:

"The market last week failed at the 5-month resistance line at 0.8720 and the emphatic rejection from here has eroded the 55 and 200-day ma."

Immediate support lies at the 0.8449 support line, but below here lies the 0.8439 2015-2017 uptrend and the 0.8410 55 week ma together the 0.8401 February low. 

We have partially covered short positions Initial resistance lies at 0.8588/90 the 55 and 200-day moving averages and then 0.8720 and 0.8767 (downtrends) and we suspect that this will cap for now. 

Where are we wrong? Above 0.8767 there is scope to tackle the 0.8852 January high. Short Term Trend (1-3 weeks): Neutral. Long-term trend (1-3 months): Neutral to negative."