EURGBP- With the cross continuing to hold on to its upside recovery, there is risk of further correction higher. However, the 0.8197 level and the 0.8218 level will have to give way to suggest a bottom is in place for a run further upside towards the 0.8275 level and then the 0.8423 level. Further out, resistance resides at the 0.8504 level, its Feb 2012 high. On the downside, a return below the 0.7949 level will annul its present upside attempts and bring further weakness the 0.7840 level. A decisive clearance of this level will open the door for a run at the 0.7750 level with a cut through here paving the way for a move lower towards its Oct 2008 low at 0.7691. Its daily RSI is bearish and pointing lower suggesting further declines. All in all, the cross continues to hold on to its medium term bias despite its recovery attempts.
