Morning Report

eurgbp10_04_2012

The royal pair is trading narrowly within a sideway range since yesterday, but still it is stable below the pivotal support at 0.8290. Therefore, we hold onto the suggested intraday downside movement today, supported by SMA 50. The positivity seen on momentum indicators might support the pair to retest the mentioned level before achieving the targets at 0.8170 and then 0.8100.

The trading range for today is among the major support at 0.8100 and the major resistance at 0.8290.

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

Previous Report

Weekly Report

Support0.82000.81700.81000.80750.8000
Resistance0.82550.82900.83550.83650.8365
RecommendationBased on the chart and explanations above, our opinion is selling the pair below 0.8290, targeting 0.8170 and 0.8100 and stop loss with 4-hour closing below 0.8355 might be appropriate.