With a second week of decline occurring the past week, there is risk of further weakness in the new week.
Immediate support stands at the 0.8489 level where a violation will call for a run at the 0.8400 level.
Further down, support comes in at the 0.8350 level with a breach calling for a run at the 0.8300 level.
Its weekly RSI is bearish and pointing lower supporting this view. To prevent its downside vulnerability, EURGBP will have to maintain above the 0.8609 level and then return above the 0.8710 level.
Above here will aim at the 0.8750 level with a breach targeting further upside. All in all, the cross remains biased to the downside nearer term as it faces bear threats.
Guest post by FX Tech Strategy