Daily Technical Strategist On EURGBP
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EURGBP- Threatens Further Upside On Correction
EURGBP- With the cross closing marginally higher on Monday and triggering further upside during Tuesday trading today, it faces the risk of additionally recovery higher in the days ahead. Immediate resistance lies at the 0.8126 level followed by the 0.8195 level where a violation if seen will turn focus to the 0.8250 level. On further upside, a breach of the 0.8250 level will set the stage for a run at the 0.8300 level and then the 0.8350 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 0.8050 level where a violation will turn attention to the 0.8000 level. Further down, support comes in at the 0.7950 level. Its weekly RSI is bearish and pointing lower suggesting further downside. All in all, the cross remains biased to the downside in the medium term but faces a recovery higher