Special Focus EURGBP 10 01 11

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Saturday, 01th of Oct, 2011
SPECIAL FOCUS EURGBP
FXTechstrategy Team
info_at_fxtechstrategy.com
EURGBP Downside Pressure Mounts On The 0.8530
Level. EURGBP- The cross continues to maintain
its downside vulnerability selling off sharply at
the end of week and opening the door for further
weakness towards the 0.8530 level, its Sept2011
low. EURGBP has been under pressure since
tumbling off the 0.8792 level on Sept 232011
following its recovery failure. A decisive
clearance of the 0.8530 level will resume its
medium term weakness towards the 0.8460 level,
its Mar2011 low and then the 0.8355 level, its
Feb2011 low. Its daily and weekly RSI are
bearish and pointing lower supporting this view.
Alternatively, the cross may still be trading and
holding within its established rising channel
(weekly chart) but will have to convincingly
break and hold above the 0.8794 level, its Sept
212011 high and the 0.8885 level, its Aug
102011 high to end its current bear threats and
target the 0.9083 level, its Jun 012011 high.
Further out, resistance comes in at the 0.9150
level, its Feb2010 high. To read the full
version of this 7 model currency analysis click
here FXT Technical Strategist Plus
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