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Daily Technical Stategist EURGBP

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Daily Technical Stategist EURGBP Powered By Docstoc
					 Tuesday, 27th of Sept, 2011                              FXTechstrategy Team
                                                        info@fxtechstrategy.com
DAILY TECHNICAL STRATEGIST
        EURGBP
                            EURGBP: Remains Vulnerable on
                            Corrective Weakness .

                            EURGBP- Vulnerability remains after capping
                            its recovery at the 0.8792 level on Sept
                            23’2011 and tumbling lower. This leaves
                            EURGBP targeting the 0.8530 level. A decisive
                            break below the 0.8530 level, its Sept 12’2011
                            low will open the door for further weakness
                            towards the 0.8460 level, its Mar’2011 low and
                            then the 0.8355 level, its Feb’2011 low. Its
                            daily RSI is bearish and pointing lower
                            supporting this view. EURGBP may be
                            retaining upside bias within its rising channel
                            but will have to convincingly break and hold
                            above the 0.8881/5 levels to target the 0.9083
                            level, its Jun 01’2011 high. Further out,
                            resistance lies at the 0.9150 level, its Feb’2010
                            high and then its channel top at 0.9230. All in
                            all, the cross continues to face downside
                            risk.

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DOCUMENT INFO
Description: EURGBP- Vulnerability remains after capping its recovery at the 0.8792 level on Sept 23’2011 and tumbling lower.
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