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.

Mohammed Isah is a technical strategist and head of research at, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and At, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.