EURGBP- As continued bear threats remains intact, we are looking for EURGBP to weaken further towards the 0.8528/30 levels, its Oct 03/Sept’2011 lows. Below here will resume its medium term weakness towards the 0.8460 level, its Mar’2011 low and subsequently the 0.8355 level, its Feb’2011 low. Alternatively, to prevent this from happening, EURGBP will have to reverse its present weakness and return above the 0.8794 level, its Sept 21’2011 high and then the 0.8885 level, its Aug 10’2011 high. Further out, resistance levels are seen at the 0.9083 level, its Jun 01’2011 high and the 0.9150 level, its Feb’2010 high. All in all, bear pressure looks to take out the 0.8528/30 levels.
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