EURGBP- With EURGBP struggling to recover higher, the immediate risk continues to point higher. It is trading in a rising channel, a bullish technical pattern and as long as it holds within the mentioned channel chances are that it will return to its key resistance at 0.8504 level. This if seen will open the door for a move further higher towards its Dec 08’2011 high at 0.8560 will be aimed at with a breach exposing the 0.8616 level. Its daily RSI is bullish and pointing g higher. Alternatively, the risk to our analysis will be a return to the 0.8312 level where a violation will set the stage for a push further lower towards the 0.8263 level, its Jan 16’2012 low. A breach will target its Aug’2010 low at 0.8141. Further down, support comes in at its 2010 low at 0.8066 level. All in all, the cross continues to maintain its broader upside risk within its rising channel though facing bear threats.
