Daily Technical Strategist: EURGBP
EURGBP: Clears The 0.8852 Level, Eyes More Strength.
EURGBP- With a clearance of the 0.8852 level now seen, further upside risk is now building up towards its Oct 25’2010 high at 0.8940 level where a break will resume its long term uptrend. This will set the stage for more strength towards the 0.9000 level, its big psycho level where the cross could encounter a price hesitation because of the psychological importance of that level. Its daily studies are bullish and pointing higher supporting this view. On the other hand, the risk to our upside outlook will be a return below the 0.8852 level and the 0.8715 level. This will pave the way for more declines towards the 0.8653 level followed by the 0.8624 level and then the 0.8532 level. All in all, the cross continues to maintain its medium term bullishness having resumed its uptrend. 
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.