EUR/GBP Weekly technical Outlook

14 November 2009 @ 12:17 pm EDT

EUR/GBP's rebound was limited at 0.9064 last week and weakened again. The development argues that correction from 0.9410 is still in progress. Initial bias will remain on the downside this week and bring of 0.8897 will bring fall resumption to 0.8704/8837 support zone. Nevertheless, in such case, strong support should be seen inside this zone to finally conclude the correction. On the upside, above 0.9604 will be an initial alert that correction from 0.9410 has completed and will flip bias back to the upside for 0.9238 resistance for confirmation.

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