EURGBP : Loss Of The 0.9076 Level Highlights The 0.8983 Level
EURGBP: With a decisive break of the cross’s strong support residing at its Sept 30’09 low at 0.9076, risk of further declines towards the 0.8983 level, its Sept 23’09 low is now seen. This view is consistent with EURGBP’s weakness triggered off the 0.9410 level and if a break of the 0.8983 level materializes additional losses could be seen towards the 0.8904 level, its 50 Ret(0.8399-0.9410 rally). Its daily and weekly RSI are supportive of this view. On the upside, recovery if seen will target the 0.9076 level just invalidated ahead of the 0.9167 level, its Oct 16’09 low . Others are located at the 0.9299 level and the 0.9410 level. On the whole, having halted its recent short term uptrend, risk has now shifted to the downside in the nearer term.
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