Free Trial

Bear Threat Still Present

EURGBP TECHS
  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8778 High Nov 16
  • RES 1: 0.8667 50-day EMA
  • PRICE: 0.8631 @ 06:26 GMT Dec 7
  • SUP 1: 0.8547 Low Dec 1 and the bear trigger
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8449 1.236 proj of the Oct 12 - 31 - Nov 9 price swing

EURGBP continues to trade above last week’s low. A bearish threat remains present and attention is on the Oct 31 low of 0.8560 that was pierced on Dec 1. A clear break would strengthen a bearish theme and open 0.8522, the Aug 30 low. Moving average studies have crossed, highlighting a potential bear mode set-up. A clear break of 0.8560 would reinforce a bearish theme. Key resistance is at 0.8829.

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.