EURGBP: Climbs Above Its Falling Channel
EURGBP: Continued upside offensive saw the cross turning sharply higher above its MT falling channel Tuesday and opening further upside threats. Although still maintaining its medium term downside, the current price action has put that on hold and EURGBP looks to target the 0.8711 level, its daily 200 ema with a turn above there pushing the cross further higher towards the 0.8866 level, its Jun 05’09 high. On the other hand, its violated falling channel breakout point at 0.8602 should now hold as support if seen and turn the pair back up. On a break below there, declines should shape towards the 0.8550 level and then the 0.8500 level, its psycho level. On the whole, have taken out its channel resistance ,EURGBP now looks to build on its current strength.

EURGBP: Climbs Above Its Falling Channel

EURGBP: Continued upside offensive saw the cross turning sharply higher above its MT falling channel Tuesday and opening further upside threats. Although still maintaining its medium term downside, the current price action has put that on hold and EURGBP looks to target the 0.8711 level, its daily 200 ema with a turn above there pushing the cross further higher towards the 0.8866 level, its Jun 05’09 high. On the other hand, its violated falling channel breakout point at 0.8602 should now hold as support if seen and turn the pair back up. On a break below there, declines should shape towards the 0.8550 level and then the 0.8500 level, its psycho level. On the whole, have taken out its channel resistance ,EURGBP now looks to build on its current strength.

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