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 a follow-through lower and a test of its key support at 0.8263 on Wednesday, risk of further declines for EUR-GBP cannot be ruled out. In such a case, below the 0.8263 level will set the stage for move further lower toward its August 2010 low at 0.8141.

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

On the upside, a return above the March 13 low of 0.8423 will have to occur to reverse its present bear threats. This could force further upside toward the 0.8504 level with a violation of there turning attention to the Dec. 8 high at 0.8560.

Further out, the 0.8616 level will come in as the next upside objective.

All in all, the cross faces downside risks.

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.