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Breaks Support And Resumes Downtrend

EURGBP TECHS
  • RES 4: 0.9149 Oct 20 high
  • RES 3: 0.9107 High Oct 23
  • RES 2: 0.9069 High Nov 5 / Trendline drawn off the Sep 11 high
  • RES 1: 0.8982 Intraday high
  • PRICE: 0.8928 @ 16:44 GMT Nov 10
  • SUP 1: 0.8884 Low Nov 10
  • SUP 2: 0.8866 Low Sep 3 and a key support
  • SUP 3: 0.8830 Low May 15
  • SUP 4: 0.8748 61.8% Feb - March Rally

EURGBP traded sharply lower Tuesday clearing 0.8946, Nov 4 low, the bear trigger, as well as the 200-dma. The break lower negates a recent bullish candle pattern and instead confirms a resumption of the underlying downtrend that has been in place since Sep 11. Note too that trendline resistance drawn off the Sep 11 high remains intact, reinforcing the current bearish theme. Attention turns to 0.8866, Sep 3 low. Initial resistance is at 0.8982, the Nov 10 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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