Morning Report

eurgbp02_02_2012

The pair is still stable below the support level of the ascending minor channel as shown above, while SMA 50 pressures the pair over intraday basis. Therefore, our negative expectations over intraday basis remain valid, targeting mainly areas around 0.8170 and then 0.8100, while stability below 0.8415 is required for our targets to be achieved.

The trading range for today is among the major support at 0.8100 and the major resistance at 0.8360.

The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.

Previous Report

Weekly Report

Support0.82550.82000.81700.87000.8065
Resistance0.83350.83600.84150.84400.8480
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8335, and taking profit at 0.8170 and stop loss above 0.8415 might be appropriate today.