EURGBP : Bows To The 0.8897 Level, Eyes The 0.8838 Level

EURGBP: The cross's outlook continues to deteriorate beginning the week on further bearish mode and following through lower in early trading today. Having broken below its key support at its Nov 09'09 low at 0.8896, EURGBP is now targeting the 0.8837 level, marking its Sept 27'09 high with a loss of there aiming at its July 13'09 high at 0.8698. Its daily studies are bearish and pointing lower suggesting further downside losses. Upside objective is located at its just invalidated support at 0.8897 where a reversal of roles is expected to turn the cross back down again. Further out, its Nov 16'09 high at 0.8977 will come in as the next upside target followed by the 0.9064 level, its Nov 12'09 high.

Daily Chart: EURGBP