EUR/GBP - Declining Toward its July's Lows
EUR/GBP continues to weaken after its successful test of the key resistance at 0.8034. The break of the support at 0.7916 (06/08/2014 low) opens the way for a test of the support at 0.7874. Hourly resistances can be found at 0.7931 (intraday high) and 0.7970 (20/08/2014 low).
In the longer term, the break of the key support area between 0.8082 (01/01/2013 low) and 0.8065 (05/06/2014 low) opens the way for a full retracement of the rise that started at 0.7755 (23/07/2012 low). Another strong support stands at 0.7694 (20/10/2008 low). A break of the resistance at 0.8034 (25/06/2014 high) is needed to suggest some exhaustion in the medium-term selling pressures.