FXstreet.com (Barcelona) - EUR/GBP is tmoving within a downward.trend chanesl since fall off feb 12 high at 0.9073, in line with the short term downtrend triggered off the 0.9803 level.

According to Mohammed Isah, the pair is on the downside despite bounce up towards 0.8896 on Thursday: While a loss of momentum at the 0.9073 level, its Feb 12'09 high has turned the cross to the downside in line with its short term downtrend triggered off the 0.9803 level, successfully invalidating the 0.8663/38 levels, its Nov 13'08 high/Feb 10'09 low is required to resume that trend. Although a bounce higher was seen on Thursday, the above scenario puts EURGBP's focus to the downside. Below the 0.8663/38 levels will turn attention to its .618 Ret(0.7694- 0.9803 rally) at 0.8502 and then the 0.8236 level, its Nov 28'08 low will be targeted.