Morning Report

eurgbp23_03_2012

The pair settle above the support level of the ascending channel shown above, which supports the suggested positive scenario to remain valid, targeting mainly areas around 0.8455. We signal that a breach of 0.8365 and stability above 0.8325 are important condition for our expectations to prevail.

The trading range for today is among the major support at 0.8200 and the major resistance at 0.8450.

The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.

Previous Report

Weekly Report

Support0.83250.82550.82000.81700.8100
Resistance0.83650.84500.85100.86050.8660
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 0.8325, targeting 0.8450 and stop loss below 0.8255 might be appropriate.