Morning Report

eurgbp02_08_2011

The pair aquired a daily closing below the neckline we mentioned yesterday at 0.8750 in addition to closing below the support of the rising wedge formation, these factors suggest intraday bearishness targeting mainly the support of the short term ascending channel at 0.8555. Stability below 0.8750-0.8775 is required for our expectations to be valid.

Trading range for the day is among the major support at 0.8555 and the major resistance at 0.8900.

The short term trend is to the upside targeting 1.0370, as long as 0.8165 remain intact.

Previous Report

Weekly Report

Support0.87000.86650.86150.85800.8555
Resistance0.87500.87750.88250.88900.8940
RecommendationBased on the charts and explanations above we recommend selling the pair around 0.8750 targeting 0.85555 and stop loss above 0.8825 may be appropriate.