Free Trial

Broader Trend Direction Remains Up

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8877 High Dec 30
  • PRICE: 0.8790 @ 05:59 GMT Jan 9
  • SUP 1: 0.8783/77 Low Jan 3 / 20-day EMA
  • SUP 2: 0.8727 50-day EMA
  • SUP 3: 0.8646 High Dec 8
  • SUP 4: 0.8593 Low Dec 15

EURGBP remains below the Dec 30 high of 0.8877 but is holding on to the bulk of its gains since early December. The outlook is bullish and last month's break of 0.8829, Nov 9 high, reinforced this theme. This opens 0.8907, a Fibonacci retracement point. Moving average studies highlight a bullish backdrop, reinforcing the current trend direction. Initial firm support is seen at 0.8727, the 50-day EMA. A clear break would be bearish.

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.