EURGBP: The cross's Wednesday rally subsided on Thursday failing to follow through higher and closing lower at 0.8922. Despite this, EURGBP' s recovery off the 0.8793 level looks to continue as it was seen heading through its psycho level at 0.9000 in early trading today. Next upside target lies at the 0.9073 level, its Jan 26'09 high. Daily studies have turned higher suggesting further strength. Supports are situated at the 0.8951 level, its Mar 09'09 low and the 0.8911 level, its Mar 02'09 low with the next two downside targets located at the 0.8722/18 area, its Feb 24'09 low/daily 200 ema and the 0.8638 level, its Feb 10'09 low. On the whole, EURGBP remains biased to the downside shorter term though recovering in the nearer term.

Support Comments

0.8951 Mar 09'09 low

0.8911 Mar 02'09 low

0.8722/18 Feb 24'09 low/daily 200 ema

Resistance Comments

0.9000 psycho level

0.9073 Jan 26'09 high

0.9361 Mar 24'09 low

Dailly Chart: EURGBP