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EURGBP- With the cross vulnerable as it now holds below its broken support, further downside is likely. It requires a continued hold below there to create scope for a move lower possibly towards the 0.7890 level. A cap is likely to occur and turn it higher but if violated expect further downside to occur towards Its daily is bearish and pointing lower supporting this view. On the upside, the cross will to return above the 0.8029 level you its here could see the cross extend its upside towards present downside pressure and set the stage for a the 0.8163 level where a break will aim at the 0.8200 level. All in all, the cross remains biased to the downside on further bear threats.

2012-11-09 07:20:33

Source: http://www.traderslaboratory.com/forums/showthread.php?t=14642&goto=newpost