EURGBP- Risk of further downside weakness continues to be seen despite the cross’s current bid tone. This is coming on the back of its Wednesday losses. On a violation of the 0.8202 level, further declines will shape up towards the 0.8100 level, its psycho level and possibly lower. Its daily RSI is bearish and pointing lower supporting this view. To reverse this view, a climb back above the 0.8315 level must occur with a firm hold above there triggering g further strength towards its July 22’10 high at 0.8464 with a clearance of there targeting the 0.8530/31 levels. On further strength, its May 21’10 high at 0.8772 will be targeted. All in all, having continued to weaken, threats of additional losses are likely.
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