MNI BRIEF: E20 Billion Banking Exposure To Spain Flooding -BoS

MNI BOE WATCH: MPC To Cut, Doubts Over Fast Easing

MNI China Daily Summary: Tuesday, November 5

MNI CNB WATCH: 25bp Cut To 4.00% Seen, Fresh Projections Due

MNI BRIEF: China NPC Press Conference Set For Nov 8

MNI BRIEF: China Warehousing Index Down In October

MNI: US REDBOOK: OCT STORE SALES +5.5% V YR AGO MO

MNI: CANADIAN SEP TRADE BALANCE CAD -1.3 BILLION

MNI: US SEP TRADE GAP -$84.4B VS AUG -$70.8B

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Corrective Pullback

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 0.8715 High Dec 28
  • RES 3: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg
  • RES 2: 0.8645 High Apr 23 and a key resistance
  • RES 1: 0.8625 High Aug 8 and the bull trigger
  • PRICE: 0.8548 @ 06:30 BST Aug 14
  • SUP 1: 0.8531 Low Aug 13
  • SUP 2: 0.8507 20-day EMA
  • SUP 3: 0.8488 50-day EMA
  • SUP 4: 0.8418 Low Aug 1

EURGBP maintains a firmer tone and the latest pullback appears to be a correction. Recent impulsive gains resulted in the break of a number of key resistance points, cancelling a bearish theme and highlighting potential for 0.8645, the Apr 23 high and a key resistance. Initial firm support to watch lies at 0.8488, the 50-day EMA. First support is 0.8531, the Aug 13 low. A retracement is allowing an overbought condition to unwind.

139 words

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.
  • RES 4: 0.8715 High Dec 28
  • RES 3: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg
  • RES 2: 0.8645 High Apr 23 and a key resistance
  • RES 1: 0.8625 High Aug 8 and the bull trigger
  • PRICE: 0.8548 @ 06:30 BST Aug 14
  • SUP 1: 0.8531 Low Aug 13
  • SUP 2: 0.8507 20-day EMA
  • SUP 3: 0.8488 50-day EMA
  • SUP 4: 0.8418 Low Aug 1

EURGBP maintains a firmer tone and the latest pullback appears to be a correction. Recent impulsive gains resulted in the break of a number of key resistance points, cancelling a bearish theme and highlighting potential for 0.8645, the Apr 23 high and a key resistance. Initial firm support to watch lies at 0.8488, the 50-day EMA. First support is 0.8531, the Aug 13 low. A retracement is allowing an overbought condition to unwind.