EURGBP- With the cross taking back its two-day gains and looking vulnerable, it faces further downside risk though presently seen hesitating. The next support lies at its 2010 low at 0.8066 level followed by the 0.8000 level, its psycho level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, a return above the 0.8219 level and the 0.8423 level, its Mar 13’2012 low will have to occur to reverse EURGBP’s broader 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 continues to hold on to its broader bearish bias.
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