EURGBP- Bearish, Threatens Further Downside
EURGBP- We continue to hold our downside bias on the cross as it continues to maintain its bearishness. On the downside, support lies at the 0.7800 level where a break will expose the 0.7780 level. Further down, support comes in at the 0.7750 level where a violation will turn attention to the 0.7700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7900 level where a violation if seen will turn focus to the 0.7950 level. All in all, the cross is biased to the downside in the medium term.
