Free Trial

Bear Cycle Remains In Play

EURGBP TECHS
  • RES 4: 0.8979 High Feb 3 and the bull trigger
  • RES 3: 0.8929 High Feb 17
  • RES 2: 0.8887 High Feb 21
  • RES 1: 0.8839 20-day EMA
  • PRICE: 0.8758 @ 16:23 GMT Feb 28
  • SUP 1: 0.8755 Low Feb 28
  • SUP 2: 0.8752 1.0% 10-dma envelope
  • SUP 3: 0.8751 100-dma
  • SUP 4: 0.8722 Low Jan 19 and a key support

EURGBP remains vulnerable and the cross is trading at its recent lows. Price has recently cleared both the 20- and 50-day EMAs, reinforcing a bearish threat. A continuation lower would open 0.8751, the 100-dma ahead of key support at 0.8722, the Jan 19 low. On the upside, initial resistance is at 0.8839, the 20-day EMA. A clear break of this level would ease the current bearish threat.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.