EURGBP: Weak, Vulnerable
EURGBP - The cross still remains vulnerable on correction but we think the 0.7961 level should provide support. As long as it can hold above the 0.7965 levels, its short term bias remains higher. This suggests that its present price action is corrective of its run from the 0.7761-0.8112 levels. We should see this fade and eventually turn the cross higher again above the 0.8112 level. Further out, resistance resides at the 0.8154 level and then the 0.8200 level. Alternatively, on continued bear threats, below the 0.8006/00 levels and the 0.7965 will be targeted. A reversal of roles as support is likely to occur here and turn EURGBP higher. All in all, the cross remains biased to the upside short term though facing bear threats.