EURGBP- With a follow through lower and a test of its key support at the 0.8263 level seen on Wednesday, risk of further declines cannot be ruled out. In such a case, below the 0.8263 level will set the stage for move further lower towards its Aug’2010 low at 0.8141. Further down, support comes in at its 2010 low at 0.8066 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, a return above the 0.8423 level, its Mar 13’2012 low will have to occur to reverse its present bear threats. This 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 faces downside risks.
