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EURGBP Bearish, Extends Sell Off

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Old 27-03-2014, 14:32
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Default EURGBP Bearish, Extends Sell Off

EURGBP- With a third day of decline now underway, the cross looks to weaken further in the days ahead. Support lies at the 0.8250 level where a break will expose the 0.8230 level. Further down, support resides at the 0.8200 level where a break will pave the way for a run at the 0.8157 level, its Feb 17 2014 low. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.8300 level where a break will pave the way for a run at the 0.8350 level. A cut through here set the stage for a move higher towards the 0.8399 level. Further out, resistance comes in at the 0.8450 level and then the 0.8500 level. All in all, the cross remains biased to the downside on bearishness.

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