Morning Report

eurgbp24_01_2012

Trading continue to be confined among the minor ascending channel shown on image, where the 50-EMA continues to support the pair, while momentum indicators are providing negative signs over the four-hour timeframe. In general, we need the pair to breach one of the levels shown on the above chart, for more details regarding the suggested targets please check our weekly report below.

The trading range for the day is expected among the keysupport at 0.8285 and the key resistance at 0.8480.

The short term trend is to the upside as far as 0.8165remains intact with targets at 1.0370.

Previous Report

Weekly Report

Support0.83150.82850.82000.81700.8100
Resistance0.84050.84400.84800.85500.8605
RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8285 targeting 0.8170 and 0.8100 ,stop loss above 0.8400 may be appropriate