EUR/GBP: Follows Through Lower, Risk Builds On 0.7170 Level

EUR/GBP- With the cross closing lower the past week and following through lower during Monday trading session, further downside pressure in the days ahead. On the upside, resistance lies at the 0.7300 level where a violation if seen will turn risk towards the 0.7350 level. On further upside, the 0.7400 level comes in as the next upside target followed by the 0.7450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, support lies at the 0.7200 level where a violation will turn focus to the 0.7150 level. A break will turn focus to the 0.7100 level. Further down, support comes in at the 0.7050 level. All in all, the cross remains biased to the downside in the medium term.