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EURGBP Rolls Over On Loss Of Bullish Momentum

EURGBP: With the cross turning lower off its key resistance at 0.7421 level to close lower on Wednesday, further weakness is now seen. As long as the 0.7421/36 zone remains unbroken, you should see the pair weakening in the days ahead. On the upside, resistance lies at the 0.7400 level where a violation if seen will turn risk towards the 0.7450 level. On further upside, the 0.7500 level comes in as the next upside target followed by the 0.7550 level. Conversely, support lies at the 0.7350 level where a violation will turn focus to the 0.7300 level. A break will expose the 0.7250 level. Further down, support comes in at the 0.7200 level. All in all, the cross remains biased to the downside in the short term.

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