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EURGBP : Corrective Recovery Momentum Intensifies
EURGBP: A third-day of upside strength currently seen continues to propel the pair higher following its break and hold above the 0.8896 level on Thursday. It was seen testing its daily 50 ema as at the time of this writing. This development should set the tone for further upside towards the 0.9064 level, its Nov 12’09 high where a violation will call for additional upside towards the 0.9134 level, its Oct 27’09 high and then the 0.9239 level, marking its Oct 26’09 high. Its daily momentum indicators are bullish and pointing higher suggesting further strength. To the downside, the 0.8932 level, its Nov 18’09 high comes in as the initial support with a cut through there allowing the pair to head further lower towards its Nov 09’09 low followed by its July 13’09 high at 0.8698 On the whole, with a corrective recovery tone now set, EURGBP looks to work its way higher.
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