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Free AccessBear Threat Remains Present
- RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
- RES 3: 0.8719 High May 23 and a congestion high
- RES 2: 0.8690/8701 100-dma / High Jul 19
- RES 1: 0.8637 High Jul 25
- PRICE: 0.8576 @ 16:35 BST Jul 28
- SUP 1: 0.8544 Low Jul 27
- SUP 2: 0.8523 1.0% 10-dma envelope
- SUP 3: 0.8504 Low Jul 11 and key support
- SUP 4: 0.8471 Low Aug 29 2022
EURGBP continues to trade closer to this week’s low. Recent bearish price action threatens the bull theme - the cross has breached both the 20-day and 50-day EMAs. The move lower has exposed 0.8504, the Jul 11 low and a key support. Initial firm resistance is at 0.8637, the Jul 25 high. Clearance of the 100-dma of 0.8690 and congestion resistance at 0.8719, the May 23 high, would reinstate a bullish theme.
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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.