14th Jun - EUR/GBP Locked in Downtrend Mode
14 June 2012
MONTHLY CHART:
The drop back from resistance from the old triangle’s underside has now broken below the 0.8065 Jun-10 low.
Next target on this long term chart is the 61.8% pullback level.
DAILY CHART:
The downmove has paused near our 0.8010 Fibo projection.
First resistance comes from the 0.8218 Jan low and falling resistance line just below. Ideally these should hold at this stage. A break through these, and then the higher channel top projection at 0.8270, would signal loss of bear momentum and the chance for a better rebound phase.
Meanwhile our focus is on lower targets, the first of which on this chart would be the bear channel base projection just below 0.7800.
Next story:
14th June - The resilience of S&P 
Previous story:
14th Jun - Copper Holds Above Key Levels For Now