Morning Report

eurgbp04_08_2011

The pair maintained stability below the previously breached neckline at 0.8750 and the support of the rising wedge formation shown in image. Therefore, we hold onto our bearish intraday expectations for today targeting mainly 0.8555. Stability below 0.8750-0.8780 resistance is important for our expectations to remain possible.

Trading range for the day is among the major support at 0.8555 and the major resistance at 0.8820.

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

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Support0.87000.86650.86150.85800.8555
Resistance0.87500.87800.88200.88900.8940
RecommendationBased on the charts and explanations above we recommend selling the pair around 0.8750 targeting 0.8555 and stop loss above 0.8825 may be appropriate.