EURGBP- The cross extending its weakness the past week leaving risk of more weakness on the cards. We are however likely to see a price consolidation or even a mild recovery higher. And we think its support located at the 0.7196/70 zone will provide the platform. Support comes in at 0.7150 level. Further down, support lies at the 0.7100 level where a violation will turn focus to the 0.7050 level. A break will expose the 0.7000 level.
On the upside, resistance lies at the 0.7340 level where a violation if seen will turn risk towards the 0.7380 level. On further upside, the 0.7400 level comes in as the next upside target followed by the 0.7450 level. All in all, the cross remains biased to the downside long term.
