FX.co ★ EUR/GBP Downward Movement , Janaury 31, 2011 (Daily Strategy)

EUR/GBP

A final confirmation of an end to the upwards movement will be received only after the pair breaches the major support level at 0.8560. A downwards breach of the support level is expected to start a new wave of downwards movements that is likely to take the pair all the way down to the low support levels of 0.8311 British pounds for one Euro.

A continuation of the shuffling movement may form a good opportunity for entry into a sell deal at an attractive level should the pair move towards the near resistance level at 0.8660, but fail to breach it upwards,