EURGBP-Having maintained its bearishness and held firmly below its broken support at the 0.8066 level, further decline looks to target its key support located at 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. Alternatively, in order for the cross to halt its present downside and resume its uptrend, it will have to break and hold above the 0.8218 level and then the 0.8423 level. Further out, resistance resides at the 0.8504 level, its Feb 2012 high. This level if taken out will open the door for a move further higher towards its Dec 08’2011 high at 0.8560. All in all, the cross continues to target further downside pressure.
