Morning Report

eurgbp19_04_2012

The pair continues the decline to reach the main target at 0.8170, while we recognize a possible descending minor channel that controls the bearishness. Stochastic is negative, which drives us to expect an intraday downside movement today, depending on the breach of the mentioned support and then moving towards 0.8100 and 0.8000.

The trading range for today is among the major support at 0.8075 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

Support0.81700.81000.80750.80000.7940
Resistance0.82200.82900.83250.83650.8395
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8220, targeting 0.8100 and stop loss with 4-hour closing above 0.8290 might be appropriate