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Timeline of key events (Times BST)

ASIA FX

Most USD/Asia Pairs Push Higher

GBPUSD TECHS

Holding On To Recent Gains

EUROZONE

Timeline of key events (Times BST)

US TSYS

Tight Pre-FOMC Asia Trade

EURUSD TECHS

Short-Term Resistance Intact

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Bearish Risk Still Present

EURGBP TECHS
  • RES 4: 0.8791/8797 High Feb 12 / 2.0% 10-dma envelope
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8650 50-day EMA
  • PRICE: 0.8622 @ 06:06 BST May 19
  • SUP 1: 0.8561 Low May 12
  • SUP 2: 0.8472 Low Apr 5 and the bear trigger
  • SUP 3: 0.8448 2.0% 10-dma envelope
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP is consolidating but remains bearish following fresh weekly lows last week and the print on May 12 of 0.8561. The move lower saw the cross move out of its recent range and confirm a bearish breakout. This suggests scope for a deeper pullback, potentially towards the key support at 0.8472, Apr 5 low. On the upside, the key resistance and bull trigger is unchanged at 0.8721, Apr 26 high. Initial resistance is at 0.8650, the 50-day EMA.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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