EUR/GBP: Struggling To Initiate A Recovery

The cross continues to struggle to put in a temporary bottom following its recent decline through the 0.8315 level, its July 13’10 low. While it continues to trade below that level, odds are for further weakness towards its July 05’10 low at 0.8253 and possibly lower. In case a return above 0.8315 level occurs, more recovery will shape up towards its July 22’10 high at 0.8464 with a clearance of there targeting the 0.8530/31 levels. On further strength, its May 21’10 high at 0.8772 will be targeted. All in all, having reversed its gains and held below the 0.8315 level, threats are seen towards the 0.8253 level.

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