MNI China Daily Summary: Wednesday, December 11

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Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8768 High Nov 20
  • RES 3: 0.8715 High Dec 28 and the bull trigger
  • RES 2: 0.8676 High Jan 3
  • RES 1: 0.8632 50-day EMA
  • PRICE: 0.8587 @ 16:14 GMT Jan 19
  • SUP 1: 0.8549 Low Dec 11 and the bear trigger
  • SUP 2: 0.8524 Low Sep 5
  • SUP 3: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 4: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase

A bear threat in EURGBP remains present and this week’s move lower reinforces this theme. Moving average studies are in a bear-mode position highlighting a clear downtrend for now. Sights are on key support at 0.8549, the Dec 11 low. Key resistance is unchanged at 0.8715, the Dec 28 high. The 50-day EMA, at 0.8632, is the initial firm resistance to watch. A break of the EMA would ease bearish pressure.

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