Free Trial

Bearish Trend Structure

EURGBP TECHS
  • RES 4: 0.8541 High May 31
  • RES 3: 0.8531 1.0% 10-dma envelope
  • RES 2: 0.8507 50-day EMA
  • RES 1: 0.8471/78 20-day EMA / High Jun 24
  • PRICE: 0.8440 @ 06:31 BST Jun 26
  • SUP 1: 0.8397 Low Jun 14
  • SUP 2: 0.8388 Low Aug 17 2022
  • SUP 3: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 4: 0.8340 Low Aug 2 2022

Recent gains in EURGBP appear to be a correction and a bearish theme remains intact. The latest move down, reinforces the bear cycle and has maintained the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear mode position, highlighting a clear downtrend. Scope is seen for a move towards 0.8366 next, a Fibonacci projection. Resistance is at 0.8471, the 20-day EMA.

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.