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EURGBP: Halts Weakness, Target Further Upside (Technical focus).

EURGBP- Having halted its recent weakness on Tuesday and following through higher in early trading today, risk continues to build up to the upside. This leaves the possibility of a return to the 0.8885 level on the table with a break of here setting the stage for further strength towards the 0.9083 level, its Jun 01’2011 high. Further out, resistance lies at the 0.9150 level, its Feb’2010 high followed by its channel top at 0.9230. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, the risk to this analysis will be a return below the 0.8732 level, its Sept 06’2011 low. A clearance of there will target the 0.8643 level and next the 0.8610 level, its May 26’2011.