EURGBP Sets Up To Build On Recovery
EURGBP- Having reversed most of its one-day corrective losses to close
higher on Wednesday, further move higher is envisaged. Resistance
resides at the 0.7900 level where a violation if seen will turn risk
towards the 0.7950 level.
On further upside, the 0.8000 level comes in
as the next upside target followed by the 0.8050 level. Its daily RSI is
bullish and pointing higher suggesting more strength. Conversely,
support comes in at 0.7850 level.
Further down, support lies at the 0.7800 level where a violation will turn focus to the 0.7750 level. A break will expose the 0.7700 level. All in all, EURGBP remains vulnerable to the downside.