NEW YORK (TheStreet) - EUR-GBP -- The cross continues to build on its bullish recovery as it holds firmly above the 0.8498 level and was strengthening further in early trading today.We see a recapture of the 0.8646 level as long as the EUR-GBP holds above the 0.8498 level. If the pair goes beyond the 0.8646 level, it will extend further gains towards its Nov. 4, 2010 high at 0.8818. This view is supported by its bullish daily and weekly studies. On the other hand, the risk to our analysis will be a return below the 0.8332 level which will open the door for further declines towards the 0.8284 level. Below that level, there could be a resumption of its medium-term weakness towards the 0.8200 level, its Sept. 8, 2010 low and subsequently the 0.8100 level. All in all, the EUR-GBP continues to maintain its recovery tone as it holds firmly above the 0.8498 level.
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