EURGBP: Recovery Tone Set, Eyes Further Upside.
EURGBP- Having halted its corrective declines and turned higher for a third-day in a row, the risk is for more upside to occur. This development now leaves the cross threatening further upside with possibility of returning to the 0.8186 level on the cards. A cut through here will call for a run at the 0.8224 level. Above here could pave the way for a run at the 0.8300 level. Alternatively, support lies at the 0.8104 level and the 0.8067 level where its trendline is located. Further down, the cross will have to break and hold below its trendline support (red) to put its broader upside bias in danger. In such a case, the 0.7960 level will be targeted. All in all, the cross remains biased to the upside having ended its correction.
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