EURGBP remains vulnerable short term as it closed lower the past week. This has open the door for more weakness. But it could face a recovery threat in the new week as it took back its intra day losses on Friday.
Support stands at the 0.8850 level where a violation will turn focus to the 0.8800 level. A break of here will aim at the 0.8750 level.
Its daily RSI is bearish and pointing lower suggesting more decline. On the upside, resistance resides at the 0.8950 level. A turn above there will change risk towards the 0.9000 level.
Further up, resistance comes in at 0.9050 level followed by the 0.9100 level.
All in all, EURGBP remains biased to the downside in the short term but with caution.
