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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.
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Free AccessDownside Remains in Focus
- EUR/GBP continued to reflect GBP recovery strength, the cross having broken back and closed below its key 10-dma Monday.
- EUR/GBP extended its corrective pullback through Tuesday before finding support at Gbp0.8920. Recovery efforts were capped at just above Gbp0.8940 before closing at Gbp0.8933.
- Consolidation in Asia with rate contained within a range of Gbp0.8923/36.
- Support remains at Gbp0.8920, a break to turn focus on the base of the 1.0% 10-dma envelope which has eased to Gbp0.8890. Resistance now seen at Gbp0.8940, with the 10-dma currently coming through at Gbp0.8980.
- Whilst rate remains below this latter level it keeps the underlying tone bearish.
- BOE Bailey comments Tuesday aided GBP recovery, pushing back thoughts that negative rates are imminent. Mention of them keeps the market aware that they remain in the Bank's armoury.
- MNI Techs: EURGBP traded lower yesterday and in the process breached support at 0.8932, Dec 31 low. The break reinforces a bearish theme with scope for weakness towards 0.8867, Nov 23 low. Moving average studies are beginning to display a bearish condition reinforcing the current trend direction. On the upside, key short-term resistance has been defined at 0.9085, Jan 6 high. Initial resistance is at 0.8996.
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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.