EUR/GBP Violating Further Supports
06 January 2012
WEEKLY CHART:
Latest weakness here has finally seen breach of earlier ‘support' from the old falling return line. Focus has now returned to the previous 0.8190 76.4% level, ahead of the 0.8065 2010 low.
DAILY CHART:
After breach of the medium term channel base our focus had turned to the projected bear channel base support . This has now been eroded , with s/term risk of an acceleration downward.
The next interesting downside target on this chart lies at 0.8010, a Fibo projection.
Any rallies at this stage could find good resistance from the area of the 0.8482 10-Nov low and old channel base just above.
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Key Resistance Area in CRB Index 
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Cotton Nears Long Term 76.4% Support