EUR/GBP Picture Not Yet Clearly Bullish
29 July 2011
WEEKLY CHART:
The earlier breach of falling resistance looked to be a positive sign but note how the old rising support/return line (underside of an old triangle) resisted bulls' advances.
It is not yet clear if bulls have a clear advantage
-note that support has so far come from the 38.2% pullback of the whole recovery from Jun-10 0.8065 low. A break below this would be an initial negative signal.
DAILY CHART:
The slip back from the rising resistance line is not far off key supports here.
Besides the 38.2% level from the Weekly chart note the s/term channel base projection at 0.8650 ahead of the 0.8606 26-May low -violation of these would be negative and at least postpone new 2011 highs.
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