EURGBP Daily Forecast Jul 02 2014

The EURGBP  continued its bearish momentum yesterday  , bottomed at the 0.7972 levels and printed resistance at the 0.8007 levels .This development leaves the pair targeting the 0.7925 levels , a halt is likely but a breach will turn focus on the 0.7860 levels , further downside will aim the 0.7790 levels..

On the upside , resistance comes at the 0.8007 levels (main), break of 0.8007 levels on a daily basis would recapture the 0.8085 levels  before the next fall , If this resistance is taken out , expect the pair to strengthen further towards the 0.8150  levels..

In all , as long as resistance 0.8007 holds on a daily closing basis , outlook in EURGBP  remains on the downside towards the 0.7925 levels,ahead of the 0.7860 levels , break of 0.8007 will reverse risks towards the 0.8085/0.8150 levels…

Note that stability below the key support 0.7972 on a daily closing basis will make the pair very bearish , If seen ( most likely will happen today) , 0.7972 will serve as strong resistance …above 0.7972 will turn outlook neutral…


EURGBP Daily Forecast Jul 02 2014