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EURGBP: Key Resistance Seen At The 0.7961 Level.

EURGBP- The cross remains hesitant as it continues to struggle to recover higher. Unless it climbs back above the 0.7961 level, there is risk of a return to the 0.7761 level, printed on July 23’2012. A violation of here will call for more declines towards the 0.7700 level. Further down, support lies at the 0.7691 level, its Oct 2008 low. This view remains valid as ling as the cross trades and holds below the 0.7961 level. Alternatively, a breach of the 0.7961 level must occur to reduce its medium term bearish tone. This could extend gains towards its Jun 26’2012 low at 0.7982 level where a reversal of roles could occur and turn the cross lower. However, if this fails, expect further upside offensive towards the 0.8039/93 levels. A cap is expected at these levels but if broken, further upside pressure should build up towards the 0.8154 level. All in all, the cross remains biased to the downside in the medium term.

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