Free Trial

Bulls Pause For Breath

EURGBP TECHS
  • RES 4: 0.8835 High May 3
  • RES 3: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8768 High May 5
  • RES 1: 0.8741 High Oct 20
  • PRICE: 0.8706 @ 06:25 BST Oct 27
  • SUP 1: 0.8678 20-day EMA
  • SUP 2: 0.8647/16 50-day EMA / Low Oct 11 and the bear trigger
  • SUP 3: 0.8569 Low Sep 15 and a key support
  • SUP 4: 0.8558 Low Sep 11

A bullish theme in EURGBP remains intact and the cross is consolidating closer to its recent highs. The breach of key short-term resistance at 0.8706, the Sep 26 high and a bull trigger, has confirmed a resumption of the bull cycle. Moving average studies are in a bull-mode condition too, highlighting positive market sentiment. The focus is on 0.8793, a Fibonacci retracement. On the downside, initial firm support is seen at 0.8678, the 20-day EMA.

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.