Morning Report

eurgbp10_02_2012

The pair was mixed yesterday, where the pair found strong support at SMA 50, which forced the pair to rebound again to currently trade around the critical resistance level at 0.8420. In general, the pair's next move depends mainly on breaching one of the critical levels, which are the support level at 0.8315 or the resistance at 0.8420. A breach of 0.8420 should support the pair to incline towards 0.8550 initially, while a breach of 0.8315 should trigger a downside movement which could send the pair towards 0.8170 and then 0.8100.

The trading range for today is among the major support at 0.8170 and the major resistance at 0.8550.

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

Previous Report

Weekly Report

Support0.83150.82550.82000.81700.8100
Resistance0.84200.84400.84800.85500.8605
RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations