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Awaits UK Data for Fresh Directional Impetus

EURGBP
MNI (London)
  • EUR/GBP nudged back toward its key technical 10-dma Thursday but closed below, which keeps the recent underlying bearish tone in place.
  • The cross has edged above this 10-dma into Europe (current level Gbp0.8783), touching a high of Gbp0.8791 but awaits the UK data dump at 0700GMT (focus on UK GDP) for fresh impetus.
  • Resistance in the cross has been noted between Gbp0.8800/0.8815(61.8%-76.4% Gbp0.8839-0.8837), a break of this area to open a move back toward Gbp0.8839, with the top of the 1.0% 10-dma envelope , currently at Gbp0.8871, then coming into play. Support Gbp0.8750 ahead of the YTD low at Gbp0.8738(Feb05)
  • MNI Techs: EURGBP is unchanged and bears have paused for breath. The outlook is bearish and the cross is trading closer to recent lows. MA conditions are also in a bear mode and this reinforces the current trend set-up. The focus is on 0.8711 next, May 11 2020 low with scope too for a breach of the 0.8700 handle. On the upside, initial firm resistance is at 0.8840. A breach of this level would signal scope for a stronger corrective bounce.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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