With EURGBP triggering a recovery following its flat close on Friday, the risk is for more upside strength to occur. As long as it holds above the 0.8245/49 levels, our corrective upside view remains intact.
On further recovery higher, the 0.8300 level will be targeted where a breach will aim at the 0.8350 level and subsequently the 0.8400 level. On the other hand, below the 0.8245/49 levels if seen will turn focus to the 0.8200 level where a violation will shift attention to the 0.8157 level.
Further downside support comes in at the 0.8100 level. All in all, the cross remains biased to the downside short term but faces recovery risks.
Guest post by FX Tech Strategy
