EURGBP: Declines, Breaks Key Support, Pressure Turns On 0.8141

EURGBP- With continued weakness seeing the cross breaking below the 0.8218/08 levels, further declines is likely towards its Aug’2010 low at 0.8141. A loss of here will trigger further weakness towards its 2010 low at 0.8066 level followed by the 0.8000 level, its psycho level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, a return above the 0.8423 level, its Mar 13’2012 low will have to occur to reverse EURGBP’s present bear pressure. This if seen could force further upside towards the 0.8504 level with a violation of there turning attention to its Dec 08’2011 high at 0.8560. Further out, the 0.8616 level will come in as the next upside objective. All in all, the cross looks to weaken further having taken out its key support at the 0.8218 level.

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Tags: analysis, forex, research, technical

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