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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.

eurgbp

 

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FX Tech Strategy

FX Tech Strategy

FX Tech Strategy provides simple forex research for Intra-day, swing and position traders. For over 6 years, FXTechstrategy has been committed to providing forex traders including intra-day, swing and position traders exceptional forex research with technical analysis expertise that makes trading decisions easy and painless. FXTchstrategy won Best Technical Analysis (forex best awards) by fxstreet in 2011 and was finalists, Star Awards by traderplanet in 2011 & 2012.