EURGBP: Recovering With Eyes On The 0.8112/19 Levels.

[FXTechstrategy Team]

EURGBP- The cross continues to face upside offensive but still retains its downside vulnerability as long as it holds and trades below the 0.8112/19 levels. However, it if ir eventually returns above the 0.8112/19 levels it will resume its short term uptrend. Further out, resistance resides at the 0.8154 level and then the 0.8200 level.Its daily RSI is bullish and pointing higher supporting this view. Alternatively, if its present recovery fails, the risk will be the cross to return to its rising trendline support at the 0.7890 level. A cap is likely to occur and turn it higher . However, if here fails, further downside could develop further towards the 0.7811 level followed by its key support located at 0.7761. All in all, the cross remains biased to the upside on correction.