EURGBP: With the cross extending its weakness on Tuesday, risk of further downside pressure is likely. This development leaves support standing at the 0.7050 level where a violation will turn focus to the 0.7000 level. A break below here will expose the 0.6950 level.
Further down, support comes in at the 0.6900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.7100 level where a violation if seen will turn risk towards the 0.7150 level. Further out, the 0.7200 level comes in as the next upside target followed by the 0.7250 level. All in all, the cross is biased to the downside in the short term.
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