Free Trial

Bounces Ahead of Support

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8465 High Dec 24
  • RES 2: 0.8423 High Jan 24 and a key resistance
  • RES 1: 0.8408 High Feb 3
  • PRICE: 0.8399 @ 16:58 GMT Feb 3
  • SUP 1: 0.8285 Low Feb 3
  • SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 4: 0.8206 Low Jun 29, 2016

EURGBP traded lower following the BOE rate announcement, before rallying sharply on the back of the ECB’s hawkish press conference. The cross bounced ahead of major support, with 0.8300 representing the base of a multi-year range the cross has been trading within since 2016. 0.8282/77 marks the Feb’20 and Dec’19 lows. A clear breach of the 0.8300 - 0.8277 zone would represent a major technical break and strengthen both S/T and M/T trend conditions. Initial resistance to watch is 0.8423, Jan 24 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.