Special Focus EURGBP 10 01 11

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Special Focus EURGBP 10 01 11 Powered By Docstoc
					            Saturday, 01th of Oct, 2011                                     FXTechstrategy Team
                                                                          info@fxtechstrategy.com
               SPECIAL FOCUS
                     EURGBP
                                           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 Sept’2011
                                           low. EURGBP has been under pressure since
                                           tumbling off the 0.8792 level on Sept 23’2011
                                           following its recovery failure. A decisive clearance
                                           of the 0.8530 level will resume its medium term
                                           weakness towards the 0.8460 level, its Mar’2011
                                           low and then the 0.8355 level, its Feb’2011 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 21’2011 high and the
                                           0.8885 level, its Aug 10’2011 high to end its
                                           current bear threats and target the 0.9083 level,
                                           its Jun 01’2011 high. Further out, resistance
                                           comes in at the 0.9150 level, its Feb’2010 high.

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DOCUMENT INFO
Description: 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 Sept’2011 low.
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