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EURGBP: Turns Lower off Trendline Resistance, Targets The 0.8010/0.7949 Levels.

EURGBP- With EURGBP closing lower the past week, after turning off its trendline resistance, the risk of weakening further is expected. In such a case, its key support located at the 0.8010/0.7949 levels will come in as the next downside target where a violation will call for a run at the 0.7840 level and then the 0.7800 level. Its broader medium term bias remains consistent with this view. On the upside, the pair will have to return above the 0.8154 level to resume its correction. This if seen will aim at the 0.8172 level where its declining trendline is located. We expect a back off lower at this level but if it breaks, further upside pressure should build up towards the 0.8250 level and then the 0.8423 level. Further out, the 0.8423 level comes in as the next upside target. All in all, the cross has lost upside momentum and now looks to resume its medium term.

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About the Author

Mohammed Isah is a Technical Strategist and head of research at FXTechstrategy.com, a technical research website. He has been trading and analyzing the foreign exchange market for the past 7 years.

He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXTechstrategy.com. Mohammed has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine,Thestreet.com, The Forex Journal Magazine, and The International Business Times etc.

At FXTechstrategy.com he writes daily and weekly technical commentaries on currencies and commodities which are offered to its clients. He provides full coverage of the forex market with specific daily focus on 7 currencies (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY, AUDUSD and USDCAD) and the Dollar Index utilizing various technical tools and strategies. He also covers the commodities market twice in a week focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN, WHEAT and CRB Index.

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