EURGBP : Breaks The 0.9299 Level, Resumes Its ST Uptrend

EURGBP: A follow-through higher on the cross's upmove off the 0.9076 level saw it rallying and decisively violating the 0.9299 level (Sept 27'09 high) today. With the resumption of its short term uptrend activated, risk remains higher for further strength towards the 0.9499 level, its Mar'09 high with a turn above there yielding further upmove towards its Dec'08 high at 0.9803. Beyond the latter  will resume its medium to longer term uptrend targeting the 1.0000 level, its big psycho level/parity level. Its RSI is bullish and pointing higher suggesting further strength. On the downside, its invalidated resistance should now reverse roles and provide support on any pullback. Further out, supports are located at 0.9158 level, its Oct 08'09 low and the 0.9076 level, its Sept 30'09 low. A cap is expected at that level if seen but if it is violated, the 0.9000 level, its psycho level followed by the 0.8868 level, its May'09 high will be targeted. On the whole, with a resumption of its short term uptrend triggered, potential for further upside gains is likely.

Daily Chart: EURGBP