Free Trial

Bulls Remain In The Driver's Seat

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: 0.8897 High Jan 13
  • PRICE: 0.8878 @ 06:34 GMT Jan 17
  • SUP 1: 0.8813/8769 20-day EMA / Low Jan 9
  • SUP 2: 0.8755 50-day EMA
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8646 High Dec 8

EURGBP is unchanged and short-term conditions remain bullish. Last week's gains confirmed a resumption of the bull cycle and has maintained a bullish price sequence of higher highs and higher lows. The focus is on 0.8907, a Fibonacci retracement point. Moving average studies continue to highlight a bullish backdrop, reinforcing the current trend direction. Initial firm support is seen at 0.8755, the 50-day EMA. A clear break of the EMA 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.