EUR/GBP: The risk of further upside is now seen with a follow through higher on its past week corrective recovery underway. This development has exposed the 0.8463 level. It must break and hold above that level to create scope for further offensive.
However, if this fails to occur expect a return to the 0.8350 level to happen. Further down, support lies at the 0.8251 level with a cut through here aiming at the 0.8200 level. A clearance of here will turn attention to the 0.8150 level.
Conversely, a follow through higher on the back of its gain could see it targeting the 0.8463 level and then the 0.8500 level. A violation will aim at the 0.8584 level.
Further out, a cut through here will resume its upside towards the 0.8650 level. All in all, the cross remains biased to the upside on correction.
Guest post by FX Tech Strategy
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