Free Trial

Approaching Key Resistance

EURGBP TECHS
  • RES 4: 0.8840 High Feb 2
  • RES 3: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 2: 0.8721 High Jun 15 and a medium-term bull trigger
  • RES 1: 0.8689 High Sep 7
  • PRICE: 0.8665 @ 16:49 BST Sep 8
  • SUP 1: 0.8567 Low Sep 6
  • SUP 2: 0.8545 20-day EMA
  • SUP 3: 0.8507 50-day EMA
  • SUP 4: 0.8408 Low Aug 23

EURGBP rallied again Friday and is holding on to this week’s gains. The cross has now topped 0.8679, the Jul 1 high. Clearance here strengthens bullish conditions and exposes the key resistance at 0.8721, the Jun 15 high and an important bull trigger. A break of 0.8721 would confirm a resumption of the bull cycle that started early March. On the downside, initial firm support is seen at 0.8567, the Sep 6 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.