EUR/GBP- Bull Threat Develops


EURGBP- With the cross halting its decline to close marginally higher the past week, further upside is envisaged in the new week. Having taken back its intra day losses during Monday trading, the risk is for a follow through higher to occur.

Resistance lies at the 0.8250 level where a breach will set the stage for a run at the 0.8350 level and then the 0.8400 level.

Further out, resistance resides at the 0.8284 level and then the 0.8400 level. On the downside, support comes in at the 0.8200 level where a violation will turn attention to the 0.8157 level.

Further downside support comes in at the 0.8100 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, All in all, the cross remains biased to the downside short term.


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