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Adds to Recent Strength

  • RES 4: 0.9097 76.4% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.9047 2.0% 10-dma envelope
  • RES 2: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8979 High Feb 3 and the bull trigger
  • PRICE: 0.8884 @ 16:20 GMT Feb 17
  • SUP 1: 0.8804 Low Feb 14
  • SUP 2: 0.8798 50-day EMA
  • SUP 3: 0.8762 Low Jan 30
  • SUP 4: 0.8722 Low Jan 19 and a reversal trigger

EURGBP trend conditions remain bullish, with prices reverting higher on the back of the UK CPI release earlier this week. Wednesday saw the first higher close in eight sessions for the cross, helping partially reverse a large part of the modest pullback. The recent clearance of 0.8897, the Jan 13 high, confirmed a resumption of the uptrend that started early December and sights are on 0.8992, a Fibonacci retracement. Moving average studies remain in a bull-mode position, highlighting an uptrend. First support to watch lies at 0.8798, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 |

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