Free Trial

Clears Key Trendline Resistance

EURGBP TECHS
  • RES 4: 0.9127 61.8% September-November Downtrend
  • RES 3: 0.9107 High Oct 23
  • RES 2: 0.9091 3.0% Upper Bollinger Band
  • RES 1: 0.9084 High Dec 2
  • PRICE: 0.9054 @ 17:16 GMT Dec 2
  • SUP 1: 0.8984 Former trendline resistance drawn off the Sep 11 high
  • SUP 2: 0.8929 Low Dec 1
  • SUP 3: 0.8861 Low Nov 11 and the bear trigger
  • SUP 4: 0.8830 Low May 15

EURGBP traded higher Tuesday and again on Wednesday. The cross finds itself above key trendline resistance drawn off the Sep 11 high. The trendline intersected at 0.8990 earlier in the week. An ability to hold above the line and Wednesday's clear breach of the 0.9000 handle marks a bullish development and signals a reversal. The focus now turns to 0.9091 vol band resistance. On the downside, initial support is at Tuesday's 0.8929 low with key support at 0.8861, Nov 11 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.