EURGBP: With the cross turning off the 0.7442 level the past week to close slightly higher on rejection candle, further downside pressure is envisaged. It gave up its intra day gains to close flat on Monday leaving risk of further move lower. This view remains valid below the mentioned resistance zone. On the upside, resistance lies at the 0.7400 level where a violation if seen will turn risk towards the 0.7450 level. On further upside, the 0.7500 level comes in as the next upside target followed by the 0.7550 level. Conversely, support lies at the 0.7350 level where a violation will turn focus to the 0.7300 level. A break will expose the 0.7250 level. Further down, support comes in at the 0.7200 level. All in all, the cross remains biased to the downside long term.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
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