Free Trial

Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8493 High Aug 12
  • PRICE: 0.8433 @ 15:58 BST Aug 16
  • SUP 1: 0.8410/8340 Low Aug 8 / 2 and the bear trigger
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8257 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP traded lower again Tuesday and has remained below Friday’s high. The broader outlook is bearish and the recent move higher is likely a correction. Price action since mid-June has established a sequence of lower lows and lower highs. Moving average studies are in a bear mode set-up too, reinforcing a bearish theme A resumption of weakness would open 0.8313, Apr 22 low. Friday’s high of 0.8493 is the first resistance.

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.