EURGBP- With EURGBP closing lower following a reversal of its gains the past, it now looks to weaken further in the days ahead. This will leave the pair targeting the 0.8263 level, its Feb 06’2012 low initially where a breach will aim at its Aug’2010 low at 0.8141. Further down, support comes in at its 2010 low at 0.8066 level. Both its daily and weekly RSI are bearish and pointing lower supporting this view. Alternatively, in order for the cross to annul its 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 with a breach exposing the 0.8616 level. All in all, the cross continues to look susceptible to the downside.
