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Back Below 10-dma Boosts Bearish Feel

EURGBP
MNI (London)
  • Corrective pullback away from the Jan06 high of Gbp0.9085 extended further through this morning's Asian session after rate broke, then closed below its key 10-dma Monday(Gbp0.9007, current Gbp0.8996).
  • The cross was pressed down to Gbp0.8970 in Asia with rate holding heavy into Europe.
  • Support seen at Gbp0.8968(76.4% Gbp0.8932-0.9085), a break to expose the YTD low at Gbp0.8937(Jan01) with the Dec31 low close behind at Gbp0.8932.
  • Whilst rate can hold below its 10-dma it brings into focus the base of its 1.0% 10-dma envelope, currently at Gbp0.8906.
  • MNI Techs: EURGBP is trading lower and remains below recent highs. A bearish theme continues to dominate. The cross in late December cleared a key support at 0.8983, Dec 4 / 7 low. The break highlights a bearish chart feature and the risk of a deeper sell-off with scope for 0.8867, Nov 23 low. Firm resistance is at 0.9093, Dec 29 high and 0.9156, Dec 22 high. Clearance of these hurdles would alter the picture and expose the key 0.9230 Dec high. Bearish!
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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