EUR/GBP: While Under 0.7963, Rise Seen as Corrective
EUR/GBP remains within a large corrective phase. While under 0.7963 we view the move as a corrective phase and look for a lower high versus 0.7963.
Over 0.7963 (06/08/2012 high) will neutralise our current bearish bias. In the meantime, we continue to expect a return to the old trading range between 0.6500 and 0.7000.