Morning Report

eurgbp28_03_2012

The pair's movement is still limited between the support level of the ascending channel and SMA 50, where the strong resistance formed by SMA 50 continues to prevent the pair from extending the upside move. In general, our intraday upside expectations remain valid, targeting the pivotal resistance at 0.8455 and then 0.8490. Stability above 0.8335 is necessary for our expectations to prevail.

The trading range for today is among the major support at 0.8255 and the major resistance at 0.8500.

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

Previous Report

Weekly Report

Support0.83350.82550.82000.81700.8100
Resistance0.83650.84550.84950.85550.8610
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 0.8335, targeting 0.8455 and 0.8495 and stop loss below 0.8255 might be appropriate.