Morning Report

eurgbp28_02_2012

The pair is still stable above the main support at 0.8435 shown above, after the retest seen yesterday, which drives us to hold onto our positive expectations today, supported by SMA 50. Our targets start at 0.8550, while consolidation with a daily closing above 0.8435-0.8405 is necessary.

The trading range for today is among the major support at 0.8370 and the major resistance at 0.8600.

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

Previous Report

Weekly Report

Support0.84350.84050.83400.82950.8255
Resistance0.85000.85500.86050.86600.8720
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 0.8435, targeting 0.8550 and stop loss with 4-hour closing below 0.8370 might be appropriate.