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EURGBP Rejects Lower Prices, Holds Recovery Tone

EURGBP: With the cross printing a rejection candle on Thursday to close higher though marginally, it faces the risk of further upside pressure. On the upside, resistance lies at the 0.7350 level where a violation if seen will turn risk towards the 0.7400 level. Further out, the 0.7450 level comes in as the next upside target followed by the 0.7500 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 0.7250 level where a violation will turn focus to the 0.7200 level. A break below here will expose the 0.7150 level. Further down, support comes in at the 0.7100 level. All in all, the cross is biased to the upside short term with eyes on key resistance.

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