EUR/GBP: Looks To Weaken More On Loss Of Upside Momentum
FXTechstrategy Team | Jan 05, 2016 11:00AM ET
EUR/GBP: With the cross rejecting higher prices to close lower on Monday, EUR/GBP looks to weaken more on loss of upside momentum. As long as the 0.7415/23 zone continues to hold as overhead resistance, the risk remains lower. Support comes in at 0.7300 level. Further down, support lies at the 0.7260 level where a violation will turn focus to the 0.7220 level. A break will expose the 0.7180 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7400 level where a violation if seen will turn risk towards the 0.7440 level. On further upside, the 0.7480 level comes in as the next upside target followed by the 0.7520 level. All in all, EUR/GBP looks to weaken more on loss of upside momentum at the 0.7415/23 zone.
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