Morning Report

eurgbp20_10_2011

The pair is fluctuating around the retest level that we mentioned yesterday at 0.8720, while stochastic is gaining positivity over daily basis. Therefore, we maintain our intraday bullish outlook counting on stability above the previously breached resistance of the correctional channel. Taking into consideration that breaching the aforementioned level will send the pair toward 0.8625.

The trading range for the day may be among the 0.8625 support and 0.8910 resistance.

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

Previous Report

Weekly Report

Support0.87200.86850.86250.85900.8530
Resistance0.88050.88450.89100.90000.9035
RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8720 targeting 0.8910 and stop loss with four-hour closing below 0.8685 may be appropriate.