Morning Report

eurgbp15_12_2011

The pair approached the full 100% correction show above and rebounded to the upside with the start of the day signaling the likelihood for a slight upside correction targeting the support for the descending channel at 0.8325. The breach of 0.8325 will accelerate the current downside wave while a breach of 0.8525 will negate the move.

The trading range for today is expected among the key support at 0.8325 and the key resistance at 0.8480.

The short term trend is to the upside as far as 0.8480 remains intact with targets at 1.0370.

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Weekly Report

Support0.83850.83550.83250.82800.8250
Resistance0.84150.84800.85250.86050.8635
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.8480 targeting 0.8355 and stop loss with four-hour closing above 0.8525 might be appropriate