Free Trial

Approaching Key Support

EURGBP TECHS
  • RES 4: 0.9069 High Nov 5
  • RES 3: 0.9021 Trendline drawn off the Sep 11 high
  • RES 2: 0.9004 High Nov 12
  • RES 1: 0.8983 20-day EMA
  • PRICE: 0.8895 @ 11:00 GMT Nov 23
  • SUP 1: 0.8861 Low Nov 11 and the bear trigger
  • SUP 2: 0.8830 Low May 15
  • SUP 3: 0.8803 Low May 13
  • SUP 4: 0.8748 61.8% retracement of the Feb - March Rally

EURGBP is trading lower and has breached last week's low of 0.8915. Attention turns to the key support at 0.8861, Nov 11 low where a break would negate recent short-term bullish signals and instead confirm a resumption of the downtrend that has been in place since the reversal on Nov 11. The cross continues to trade below trendline resistance at 0.9021, drawn off the Sep 11 high a break is required to signal a reversal.

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.