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EURGBP Closes In On Key Resistance At 0.7421 Level

EURGBP: With the cross extending its bullish offensive on Tuesday, it faces the risk of a move further higher towards its Aug 2015 high at the 0.7421 level. On the upside, resistance lies at the 0.7450 level where a violation if seen will turn risk towards the 0.7500 level. Further out, the 0.7550 level comes in as the next upside target followed by the 0.7600 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7350 level where a violation will turn focus to the 0.7300 level. A break below here will expose the 0.7250 level. Further down, support comes in at the 0.7200 level. All in all, the cross is biased to the upside short term with eyes on key resistance.

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