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Bearish Risk

EURGBP TECHS
  • RES 4: 0.8788 50-day EMA
  • RES 3: 0.8797 High Feb 9
  • RES 2: 0.8739 Low Feb 5
  • RES 1: 0.8668/8731 High Mar 3 / High Feb 26 and the S/T bull trigger
  • PRICE: 0.8577 @ 17:11 GMT Mar 8
  • SUP 1: 0.8568 Low Mar 8
  • SUP 2: 0.8541 Low Feb 24 and the bear trigger
  • SUP 3: 0.8517 3.0% Lower Bollinger Band
  • SUP 4: 0.8467 2.0% 10-dma Envelope

EURGBP is trading closer to recent lows and remains below the Feb 26 high of 0.8731. Technical signals are in a bear mode and recently support at 0.8597, Feb 25 low has been tested. A breach would open the bear trigger at 0.8541, Feb 24 low. A move below 0.8541 would resume the downtrend. On the upside, clearance of 0.8731 is needed to signal a resumption of the recent bounce. This would expose the 50-day EMA at 0.8788.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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