EURGBP- With further recovery higher stalling and taking back most of its intraday gains, it now looks to begin a correction of its move from the 0.8080 to 0.8152.
If this is eventually triggered, expect a retarget of the 0.8116 level where a violation if seen will activate further downside towards the 0.8080 level where a violation will turn attention to the 0.8050 level. Further down, support comes in at the 0.8050 level.
On the other hand, EURGBP will have to return above the 0.8152 level to prove our downside view wrong. In such a case, the 0.8195 level will be aimed at where a breach will turn focus to the 0.8250 level. On further upside, a break of that level will set the stage for a run at the 0.8300 level.
Its daily RSI is bullish and supportive of this view. All in all, the cross remains biased to the upside in the short term on correction but is now hesitating.
Guest post by FX Tech Strategy
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