The cross triggered a recovery and wiped out its Monday losses on Tuesday opening the door for further upside offensive. On continued recovery, EURGBP will aim at the 0.8650/0.8710 levels (Sept 26'2011 low/Sept 30'2011 high) where a convincingly break is required to push it above the 0.8794 level, its Sept 21'2011 low. Price hesitation could set in here and turn the cross back down but if that level gives in, further corrective recovery should build up towards the 0.8881/5 levels and subsequently the 0.9083 level, its Jun 01'2011 high. Alternatively, a return below the 0.8530/28 levels will annul its present recovery attempts and bring further declines towards the 0.8460 level, its Mar'2011 low and then the 0.8355 level, its Feb'2011 low.
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