Free Trial

Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8620 100-dma
  • RES 1: 0.8611 High Aug 30
  • PRICE: 0.8484 @ 06:06 BST Sep 12
  • SUP 1: 0.8524 Low Sep 06
  • SUP 2: 0.8493 Low Aug 23 and the bear trigger
  • SUP 3: 0.8486 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

A bear threat in EURGBP remains present and the price continues to trade below resistance at 0.8611, the Aug 30 high. Note that the 50-day EMA - at 0.8587 - is also providing resistance. A clear break of this average and 0.8611 is required to strengthen a short-term bullish theme. For now, moving average studies highlight a medium-term downtrend, the bear trigger lies at 0.8493, Aug 23 low. First key support lies at 0.8524, the Sep 5 low.

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.