Euro vs. Great British Pound (2010-01-19)

By @ibtimes on

Morning Report

The pair declined sharply after breaching the cluster support areas of 0.8820-0.8830 zones, activating our yesterday's bearish expectations. Classically speaking, the continuous closing below this mentioned support ease the way towards testing the next support level at 0.8700. Hence we keep our intraday outlook to the downside over intraday basis.

The trading range is among the key support at 0.8585 and key resistance now at 0.8965.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

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Eye on the EUR/GBP pair-click here-.

Support0.87400.87200.87000.86750.8650Resistance0.87800.88000.88200.88650.8905RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.8775 targeting 0.8700 and stop loss above 0.8835 might be appropriate.

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