Free Trial

Approaching Trendline Resistance

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8898 Trendline drawn from the Feb 3 high
  • RES 1: 0.8880 61.8% retracement of the Feb 3 - Mar 15 bear leg
  • PRICE: 0.8858 @ 07:06 GMT Mar 23
  • SUP 1: 0.8819/8772 50-day EMA / Low Mar 22
  • SUP 2: 0.8719 Low Mar 15 and key support
  • SUP 3: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 4: 0.8691 Low Dec 19

EURGBP is trading higher today as the cross extends the reversal from its recent lows. The move higher this week has resulted in a break of both the 20- and 50-day EMAs, exposing a key short-term trendline resistance at 0.8898. The trendline is drawn from the Feb 3 high. On the downside, key support has been defined at 0.8719, the Mar 15 low. A break of this level would reinstate the recent bearish theme.

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.