FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Below 10-dma Keeps Outlook Bearish

EURGBP
MNI (London)
  • Reflects general sterling strength as weekend reports heightens Brexit trade deal hopes as rate extended its recent corrective pullback to Gbp0.8909 in Asia.
  • Move sees rate ease further away from its key technical 10-dma (current Gbp0.8943) which keeps the near term outlook bearish.
  • Support seen into Gbp0.8900/0.8895, a break to expose the Nov11 low at Gbp0.8861, the base of the 1.0% 10-dma envelope easing to Gbp0.8853.
  • Focus this morning on EZ and UK flash PMI's.
  • BOE MPC members at the TSC.
  • Brexit headlines remain key for sterling strength.
  • MNI Techs: EURGBP is trading lower and has breached last week's low of 0.8915. The cross rallied sharply Nov 12, extending the recovery from the Nov 11 low of 0.8861. Although this move displays some reversal features, it is likely a correction. A break of trendline resistance at 0.9021, drawn off the Sep 11 high is required to signal a reversal. Key support has been defined at 0.8861, Nov 11 low. Clearance of this level resumes the current downtrend.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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.