Free Trial

Consolidation phase: *RES 4:....>

EURO-STERLING TECHS: Consolidation phase:
*RES 4: 0.9415 High Oct 2016
*RES 3: 0.9307/08 High Aug 29 2017/Upper 2.0% 10-dma envelope
*RES 2: 0.9253 Upper Bollinger Band (2%)
*RES 1: 0.9249 High Aug 06
*PRICE: 0.9214 @ 08:59 GMT Aug 07
*SUP 1: 0.9134/26 200-hma/Aug02 low
*SUP 2: 0.9089 Low Jul 31
*SUP 3: 0.9051 High Jul 17 and last Monday's bull trigger
*SUP 4: 0.8977 Low Jul 29
Pullbacks have so far remained shallow and keeps the broader, technically
bullish picture intact. A break of yesterday's multi-month high of 0.9249 opens
a return to the Aug 29 2017 high & upper 2.0% 10-dma envelope at 0.9307/08.
However, this argument would weaken on a fall below 0.9051, the former bull
trigger. Brexit/political headlines remain the key driver ahead of the October
31 Brexit deal deadline.

To read the full story



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.