Morning Report

eurgbp07_02_2012

The pair is still fluctuating around 0.8300, yet with slight negative bias, where SMA 50 pressures the pair over intraday basis, while Stochastic is within overbought areas. In general we still expect an intraday downside movement, targeting mainly 0.8170, while consolidation below 0.8335 and 0.8415 is required,.

The trading range for this week is among the major support at 0.8100 and the major resistance at 0.8415.

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

Previous Report

Weekly Report

Support0.82550.82000.81700.81000.8065
Resistance0.83350.84150.84400.84800.8550
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8315, and taking profit at 0.8170 and 0.8100 and stop loss with 4-hour closing above 0.8415 might be appropriate.