EURGBP: Attention Now On The 0.9499 Level.
With its short term uptrend triggered off the 0.8456 level decisively pushing through the 0.9082 level, its April'19'09 high the past week, EURGBP now eyes a move higher towards the 0.9499 level where its Mar'09 high is sited.Although a price stall is now seen which is expected following its recent run to the upside, our overall outlook on the cross medium term remains higher. On an eventually violation of the 0.9499 level, we could see a retest of its Dec'08 high at 0.9803 where a sustained penetration will resume its medium to longer term uptrend towards the 1.0000 level, its big psycho level/parity level. Its momentum indicators continue to point higher supporting its present upside offensive. Support lies at the 0.9082/85 levels ahead of the 0.9000 level, its psycho level followed by the 0.8868 level, its May'09 high. On the whole, upside offensives are expected towards the 0.9499 level having sustained a break above the 0.9082 level.