The EURGBP continues to struggle to regain the important 0.8800 level which gave way late last week as the hourly chart shows. This is the first time we have broken below 0.8800 in 2009 and all bodes well for a continued move towards 0.8400.
The daily EURGBP chart indicates a nice downward sloping resistance line which comes in at 0.8800. It is worthwhile leaving a stop on the EURGBP you sold on the break of 0.8800 at 0.8830 for now because if the 0.8800 level breaks, it should see a move higher that will remain capped at 0.9100. So be sure to add to shorts, initially ahead of 0.9000 and again ahead of 0.9100 with a stop above 91.30 for the move to 0.8400.
