EURGBP Retains Broader Downside Pressure

EURGBP: The cross closed lower the past week leaving risk of more weakness in the new week. As long as it trades and holds below the 0.7170/96 zone, further weakness cannot be ruled out.  Support comes in at 0.7080 level. Further down, support lies at the 0.7050 level where a violation will turn focus to the 0.7000 level. A break will expose the 0.6950 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.7150 level where a violation if seen will turn risk towards the 0.7200 level. On further upside, the 0.7250 level comes in as the next upside target followed by the 0.7300 level. All in all, the cross remains biased to the downside long term.

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