EURGBP- With a follow through higher on the back of its last week gains now underway, further upside momentum is likely in the days ahead. As long as the 0.8592 level continues to hold as support, EURGBP’s rally started from the 0.8354 level should recapture the 0.8671 level. A break of this level will open the door for a run at its Nov 08’10 high at 0.8690 and subsequently, the 0.8816 level. Its daily and weekly studies are bullish and pointing higher supporting this view. On the other hand, on a failure to break and hold above the 0.8671 level, risk of a decline back towards the 0.8592 level is likely to occur. This level is expected to reverse roles and provide support, but if it fails, its Jan 18’2011 low at 0.8332 will be targeted ahead the 0.8284 level, its 2011 low. All in all, having triggered a recovery higher, further upside risk is likely.
Mohammed Isah
Market Analyst
http://www.fxtechstrategy.com/
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
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