EURGBP- With continued downside vulnerability underway, the cross could be eyeing a decline further towards the 0.8263 level. A breach will target its Aug’2010 low at 0.8141. Further down, support comes in at its 2010 low at 0.8066 level. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, for the cross to resume its uptrend, it will need to break and hold above the 0.8409/21 levels followed by the 0.8504 level. In such a case, its Dec 08’2011 high at 0.8560 will be targeted on ending its present consolidation followed by the 0.8616 level. All in all, the cross has backed off higher prices suggesting further declines could still follow.
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