Free Trial

Bulls Need Close Above..........>

EURO-STERLING TECHS
EURO-STERLING TECHS: Bulls Need Close Above Gbp0.8948
*RES 4: Gbp0.9033 High Oct 12
*RES 3: Gbp0.9008 55-DMA
*RES 2: Gbp0.8987 Hourly support Oct 12 now resistance
*RES 1: Gbp0.8948 Alternating hourly support/resistance
*PRICE: Gbp0.8932 @ 0930GMT
*SUP 1: Gbp0.8924 Hourly support Oct 18 
*SUP 2: Gbp0.8908 Hourly support Oct 17 
*SUP 3: Gbp0.8856 Low Oct 16 
*SUP 4: Gbp0.8801 Low Oct 2
*COMMENTARY: The rejection above the 55-DMA last week left the pair looking
heavy and flirting with the 21-DMA (Gbp0.8865). Bulls take comfort on support
emerging on dips below the 21-DMA but the failure ahead of Gbp0.8948 is less
than ideal. Bulls need a close above Gbp0.8948 to return focus to
Gbp0.8987-0.9048 where the 55-DMA is located. Bears need a close below Gbp0.8856
to shift focus back to Gbp0.8728-57.

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.