EURGBP- With EURGBP taking back its previous week gains at the end of the week, further declines is expected in the new week. This development now leaves the cross targeting the 0.8263 level where a breach will target 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 suggesting further declines. Alternatively, in order for the pair to reverse its present downside [pressure, it will have to break and hold above the 0.8504 level, its Feb 2012 high. This if seen will open the door for a move further higher towards its Dec 08’2011 high at 0.8560 will be aimed at with a breach exposing the 0.8616 level. All in all, the cross continues to target lower prices having tumbled lower off the 0.8504 level.
