EUR-GBP: Reverses Gains, Weakens

By Mohammed Isah of FXTechstrategy.com

EUR-GBP: The cross wiped out its Wednesday gains on Thursday and was seen declining lower today, suggesting weakness toward its Nov. 9 low at 0.8896. We have already highlighted the importance of the 0.9060 level, from where the cross tumbled. This is also consistent with its overall declines initiated at the 0.9410 level.

Supports are seen toward the 0.8837 level, marking its Sept. 27 high and possibly lower, targeting its July 13 high at 0.8698.

On the upside, a close back above the 0.9064 level must occur to relieve the pair of its current weakness and target higher prices toward its Oct. 27 high, at 0.9134. A loss of there will pave the way for a run at the 0.9239 level. On the whole, with recovery initiated at the 0.8896 level, a return back to that level is now envisaged.