EURGBP : Collapses Through The 0.9299 level

EURGBP: The cross continues to decline on its shooting star formation cutting through the 0.9299 level, its Sept 27'09 high and challenging the 0.9158 level, its Oct 08'09 low today. Further corrective declines look to be seen towards the 0.9076 level, its Sept 30'09 low with a violation of there targeting the 0.9000 level, its psycho level followed by the 0.8868 level, its May'09 high. However, we expect the cross to back off the 0.9076 level if tested. Its daily studies are bearish and heading lower supporting view. To the upside, resistance is seen at the 0.9299 level followed by the 0.9410 level will come in as the initial resistance with a loss of there aiming at the 0.9499 level, its Mar'09 high and then the 0.9803 level, its Dec'08 high. On the whole, with a collapse on a shooting star seen, EURGBP could be shaping up to correct lower.

Daily Chart: EURGBP