EURGBP:  Bearish Momentum Set To Continue.
EURGBP- The cross recorded an extension of its bearish momentum the past week reversing its previous week losses and targeting additional weakness. This development has left EURGBP targeting the 0.8100 level with a violation of there targeting the 0.8066 level, its 2010 low and then the 0.8000 level, its big psycho level. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, on recovery, the cross should aim at the 0.8253 level, its Aug 02’10 low at first with a cut through there targeting the 0.8531 level, its July 19’10 high and possibly higher. All in all, the cross continues to retain its bearish bias as it looks to weaken further having reversed its previous week gains.

EURGBP:  Bearish Momentum Set To Continue.

EURGBP– The cross recorded an extension of its bearish momentum the past week reversing its previous week losses and targeting additional weakness. This development has left EURGBP targeting the 0.8100 level with a violation of there targeting the 0.8066 level, its 2010 low and then the 0.8000 level, its big psycho level. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, on recovery, the cross should aim at the 0.8253 level, its Aug 02’10 low at first with a cut through there targeting the 0.8531 level, its July 19’10 high and possibly higher. All in all, the cross continues to retain its bearish bias as it looks to weaken further having reversed its previous week gains.

eurgbp50aa.gif

This is an excerpt from FXT Technical Strategist Plus (The Professional Suite package), a 7-currency model analysis utilized by all levels of traders. View the service information

 

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report