Free Trial

Bullish Short-Term Outlook

EURGBP TECHS
  • RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 1: 0.8586/8602 High Apr 05 / High Mar 22
  • PRICE: 0.8577 @ 06:04 BST Apr 9
  • SUP 1: 0.8530/8504 Low Mar 21 / 29 and Low Mar 8
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

A short-term bull cycle in EURGBP remains intact and sights are on key resistance at 0.8602, Mar 22 high. Clearance of this hurdle would confirm a resumption of the recovery that started Feb 14 and signal scope for a climb towards 0.8678, a Fibonacci retracement point. Support to watch lies at 0.8530, the Mar 21 / 29 low. A break would instead be seen as a bearish development and expose the bear trigger at 0.8493, Aug 23 ‘23 low.

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.