EURGBP: Weakens, Eyes The 0.8141 level.EURGBP- With the 0.8263 level broken following the cross’s continued weakness, risk of further declines cannot be ruled out. In such a case, its Aug’2010 low at 0.8141 will be targeted with a loss of there allowing for more declines towards its 2010 low at 0.8066 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, a return above the 0.8423 level, its Mar 13’2012 low will have to occur to reverse EURGBP’s present bear threats. This if seen could force further upside towards the 0.8504 level with a violation of there turning attention to its Dec 08’2011 high at 0.8560. Further out, the 0.8616 level will come in as the next upside objective. All in all, the cross faces further downside risks.
