EUR-GBP Stays Within Its Bull Channel
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (fxtechstrategy.com) -- With EUR-GBP struggling to recover, the immediate risk continues to point higher.
The pair is trading in a rising channel, a bullish technical pattern, and as long as it holds within that channel chances are that it will return to its key resistance at 0.8504 level.Follow TheStreet on Twitter and become a fan on Facebook. This could open the door for a move further higher toward the Dec. 8 high at 0.8560. A breach there could expose the 0.8616 level. Its daily RSI is bullish and pointing higher. Alternatively, the risk to our analysis will be a return to the 0.8312 level where a violation will set the stage for a push further lower toward the Jan. 16 low of 0.8263. A breach there will target its August 2010 low at 0.8141. Further down, support comes in at its 2010 low at 0.8066 level. All in all, the cross continues to maintain its broader upside risk within its rising channel though facing bear threats.
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