Daily Technical Strategist Jan 15-2013 - Written by Mohammed Isah
EURGBP: Continues To Maintain Its Medium Term Uptrend Despite Hesitation.
EURGBP- With EURGBP holding firmly above the 0.8224 level, the risk is for more upside offensive to occur. Despite its current price hesitation, upside threat remains towards the 0.8350 level followed by the 0.8400 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, support lies at the 0.8280 level, its Jan 14’2013 low. A break of here will push the cross further lower towards 0.8224 level where a reversal of roles as support is likely to occur and turn it higher. Further down, support comes in at the 0.8186 level followed by the 0.8104 All in all, the cross remains biased to the upside with eyes on the 0.8350 level.