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) -- The euro-pound cross currency pair broke through the 0.8263 level on continued weakness, so further declines cannot be ruled out. EUR-GBP likely will target its August 2010 low at 0.8141. A loss there will pave the way for more declines toward the pair's 2010 low at 0.8066. EUR-GBP's daily relative strength index is bearish and pointing lower, supporting this view. On the upside, the pair will have to make a return to more than 0.8423, its March 13 low, in order to reverse its current bear threats. > > Bull or Bear? Vote in Our Poll If seen, this could force further upside toward 0.8504. A violation there would turn attention to EUR-GBP's Dec. 8 high at 0.8560. Further out, the 0.8616 level will come in as the next upside objective. All in all, however, the cross currency pair faces further downside risks.