Free Trial

Bearish Reversal

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1 2021
  • RES 3: 0.8600 High Dec 8 2022
  • RES 2: 0.8512/56 High Mar 31 / 2.0% 10-dma envelope
  • RES 1: 0.8435 High Apr 4
  • PRICE: 0.8355 @ 06:18 BST Apr 5
  • SUP 1: 0.8347 76.4% retracement of the Mar 23 - 31 climb
  • SUP 2: 0.8322 Low Mar 28
  • SUP 3: 0.8296 Low Mar 23 and a key support
  • SUP 4: 0.8278 Low Mar 8

EURGBP started this week on a softer note. The move lower Monday marks an extension of the pullback from last week’s 0.8512 high on Mar 31. This reverses a recent bullish theme and signals scope for a continuation of current weakness. The cross has traded through both the 20- and 50-day EMAs, opening 0.8296, the Mar 23 low. Initial resistance is seen at yesterday’s 0.8435 high.

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.