Free Trial

Bearish Conditions Reinforced

EURGBP TECHS
  • RES 4: 0.9156 High Dec 22
  • RES 3: 0.9093 High Dec 29
  • RES 2: 0.9085 High Jan 6
  • RES 1: 0.8996 High Jan 12
  • PRICE: 0.8933 @ 16:33 GMT Jan 13
  • SUP 1: 0.8884 Low Jan 13
  • SUP 2: 0.8867 Low Nov 23 and a key support
  • SUP 3: 0.8809 2.0% 10-dma envelope
  • SUP 4: 0.8866/61 Low Sep 3 / Low Nov 11 and a bear trigger

EURGBP traded lower Tuesday and in the process breached support at 0.8932, Dec 31 low. The break reinforces a bearish theme with scope for weakness towards 0.8867, Nov 23 low. Moving average studies are beginning to display a bearish condition reinforcing the current trend direction. On the upside, key short-term resistance has been defined at 0.9085, Jan 6 high. Initial resistance is at 0.8996.

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.