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 continued downside vulnerability under way, the EUR-GBP cross could be eyeing a decline further toward the 0.8263 level. A breach will target its August 2010 low at 0.8141.

Further down, support comes in at its 2010 low at 0.8066 level. Its daily RSI is bearish and pointing lower supporting this view.

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Alternatively, for the cross to resume its uptrend, it will need to break and hold above the 0.8409 to 0.8421 levels followed by the 0.8504 level. In such a case, its Dec. 8 high of 0.8560 will be targeted followed by the 0.8616 level.

All in all, the cross has backed off higher prices suggesting still further declines could follow.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, 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 FXTechstrategy.com. 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 FXstreet.com. At FXTechstrategy.com, 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.

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