EURGBP Weekly Forecast May 05 2014

The EURGBP  maintained a bearish momentum last week  , printed resistance at the 0.8258  levels .This development leaves the pair targeting the 0.8140  levels where a breach will turn focus on the 0.8070  levels , further downside will aim the 0.7980  levels.

On the upside , resistance comes at the 0.8235 levels ahead of 0.8258  (main), sustained trading – weekly closing above the 0.8258 levels  would recapture the 0.8315  levels , If this resistance is taken out , expect the pair to strengthen further towards the 0.8400 levels , further upside will aim the 0.8500 levels..

In all , as long as resistance 0.8258 holds on a weekly  closing basis  , outlook in EURGBP   remains on the downside towards the 0.8140/0.8070  levels, break of 0.8258 will reverse risks towards the 0.8315/0.8400  levels…


EURGBP Weekly Forecast May 05 2014