Weekly Report

eurgbp16_04_2012

The pair is stable below the critical previously breached support at 0.8290 and now is offering a downside bias in an attempt to exit the sideways range that has been controlling the pair for the past week. In general, we still expect a downside move for this week targeting 0.8100 then 0.8000. On the other hand, we should note that a breach of 0.8290 will open the door for a retest of the minor ascending channel that was previously breached in an attempt to return to the intraday upside move once again.

The trading range for this week is expected among the key support at 0.8000 and the key resistance at 0.8360.

The short term trend is to the upside as far as 0.7785 remains intact with targets at 1.0370.

Previous Report

Support0.82000.81700.81000.80750.8000
Resistance0.82900.83250.83600.83950.8470
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.8290 targeting 0.8170 and 0.8100 and stop loss with four-hour closing above 0.8360 might be appropriate