Free Trial

Bearish Threat Remains Present

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1 2021
  • RES 3: 0.8600 High Dec 8 2022
  • RES 2: 0.8512/55 High Mar 31 / 2.0% 10-dma envelope
  • RES 1: 0.8405/8435 High Apr 11 / High Apr 4
  • PRICE: 0.8352 @ 06:09 BST Apr 12
  • SUP 1: 0.8296 Low Mar 23 and a key support
  • SUP 2: 0.8276 76.4% retracement of the Mar 7 - 31 rally
  • SUP 3: 0.8203 Low Mar 7 and the bear trigger
  • SUP 4: 0.8117 High Apr 7 2016

A bearish threat in EURGBP remains present. This follows last week’s move lower that marked an extension of the reversal from the 0.8512 high on Mar 31 and highlights potential for a continuation of the current bear leg. The focus on 0.8296, the Mar 23 low. A break of this support would open 0.8276, a Fibonacci retracement. On the upside, initial resistance is seen at 0.8405, Monday’s high ahead of 0.8435, the Apr 4 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.