EURGBP- The cross followed through lower the past week, solidifying its bearishness and setting the stage for further declines. This will leave the cross targeting the 0.8355 level, its Feb’2011 low, a level it tested and held the past week. A convincing violation of there and the 0.8301 level will expose its nearby support at the 0.8284 level, its Jan 10’2011 low. Further down, its psycho level at 0.8200 will serve as the next support on continued weakness. Its weekly RSI is bearish and pointing lower suggesting further declines. Alternatively, on any recovery higher, its violated support at the 0.8485 level should reverse roles as resistance and turn the cross back down. However, if a cut through there occurs, its Dec 08’2011 high at 0.8560 will be targeted where a breach will expose the 0.8616 level with further price extension aiming at the 0.8794 level, its Sept 21’2011 high. All in all, bear pressure remains intact having triggered its medium term downtrend
