Free Trial

Bear Threat Remains Present

EURGBP TECHS
  • RES 4: 0.8621 High May 9 and a key short-term resistance
  • RES 3: 0.8596 1.0% 10-dma envelope
  • RES 2: 0.8549 50-day EMA
  • RES 1: 0.8541 High May 31
  • PRICE: 0.8508 @ 06:29 BST Jun 6
  • SUP 1: 0.8484 Low May 29 and the bear trigger
  • SUP 2: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 3: 0.8408 Low Aug 24 2023
  • SUP 4: 0.8388 Low Aug 17 2022

EURGBP continues to trade above its recent lows. The trend condition is bearish with sights on 0.8484, the May 29 low and the bear trigger. A break of this level would confirm a resumption of the downtrend and confirm a clear break of key supports at the 0.8500 pivot level, and the zone between 0.8498, the Feb 14 low, and 0.8493, the Aug 23 ‘23 low, strengthening a bearish theme. Initial resistance to watch is 0.8541, the May 31 high.

147 words

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.
  • RES 4: 0.8621 High May 9 and a key short-term resistance
  • RES 3: 0.8596 1.0% 10-dma envelope
  • RES 2: 0.8549 50-day EMA
  • RES 1: 0.8541 High May 31
  • PRICE: 0.8508 @ 06:29 BST Jun 6
  • SUP 1: 0.8484 Low May 29 and the bear trigger
  • SUP 2: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 3: 0.8408 Low Aug 24 2023
  • SUP 4: 0.8388 Low Aug 17 2022

EURGBP continues to trade above its recent lows. The trend condition is bearish with sights on 0.8484, the May 29 low and the bear trigger. A break of this level would confirm a resumption of the downtrend and confirm a clear break of key supports at the 0.8500 pivot level, and the zone between 0.8498, the Feb 14 low, and 0.8493, the Aug 23 ‘23 low, strengthening a bearish theme. Initial resistance to watch is 0.8541, the May 31 high.