EURGBP- We continue to hold our downside view on EURGBP though seen recovering higher. As long as it continues to hold below the 0.8101 level,its May 22 2012 low, our bias remains lower for a return to the 0.7949 level on ending its present correction. A breach of here will turn focus to the 0.7840 level with a decisive clearance of this level opening the door for a run at the 0.7750 level followed by its Oct 2008 low at 0.7691. Alternatively, on continued corrective recovery higher, the cross could target the 0.8101 level where price hesitation could set in and turn it lower. Above here will pave the way for push higher towards the 0.8197 level followed by the 0.8218 level with a cut through here if seen calling for a move towards the 0.8275 level. Its daily RSI is bullish and pointing higher supporting this view. All in all, the cross continues to hold on to its medium term bias though facing corrective recovery risk.
