The cross recorded an extension of its bearish momentum the past week reversing its previous week losses and targeting additional weakness. This development has left EURGBP targeting the 0.8100 level with a violation of there targeting the 0.8066 level, its 2010 low and then the 0.8000 level, its big psycho level. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, on recovery, the cross should aim at the 0.8253 level, its Aug 02'10 low at first with a cut through there targeting the 0.8531 level, its July 19'10 high and possibly higher. All in all, the cross continues to retain its bearish bias as it looks to weaken further having reversed its previous week gains.

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