EURGBP - With a lower close occurring the past week, we expect further downside to occur in the new week. On the downside, support lies at the 0.7850 level where a break will expose the 0.7800 level. Further down, support comes in at the 0.7750 level where a violation will turn attention to the 0.7730 level. Its daily RSI is bearish and pointing lower suggesting further downside. On the upside, resistance lies at the 0.7950 level where a violation if seen will turn focus to the 0.8000 level. On further upside, a breach of the 0.8050 level will set the stage for a run at the 0.8100 level. All in all, the cross is biased to the downside medium term.
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