EURGBP: Weakens On Price Failure, Eyes Its 200 Ema (Daily Technical Strategist).

EURGBP- A third day of weakness after the cross failed at the 0.8885 level on Wednesday is now underway.On further declines, the 0.8643 level will be targeted where a breach will clear the way for a move further lower towards the 0.8610 level, its May 26’2011 low. Further down, support lies at the 0.8532 level. On the upside, to prevent this from happening, EURGBP will have to climb back above the 0.8882/5 zone. This if seen will trigger further strength towards the 0.9082 level, its Jun 01’2011 high. A firm break above here will open the door for further strength towards the 0.9150 level, its Feb’2010 high. All in all, though attempting a recovery, its Wednesday failure at the 0.8885 level portends further weakness.

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