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Downtrend Resumes
- RES 4: 0.8925 High Jan 18 and key resistance
- RES 3: 0.8907 50-day EMA
- RES 2: 0.8840 High Feb 4
- RES 1: 0.8797/8824 High Feb 9 / 20-day EMA
- PRICE: 0.8720 @ 15:46 GMT Feb 15
- SUP 1: 0.8718/11 Low Feb 15 / May 11, 2020
- SUP 2: 0.8691 Low May 5, 2020
- SUP 3: 0.8671 Low Apr 30, 2020 and a key support
- SUP 4: 0.8605 2.0% 10-dma envelope
EURGBP is lower and has traded to a fresh trend low Monday reinforcing the underlying bearish trend. Moving average conditions are also in a bear mode highlighting the current path least resistance. The focus is on 0.8711 next, May 11 2020 low with scope too for a breach of the 0.8700 handle. On the upside, initial firm resistance is at 0.8840. A breach of this level would signal scope for a stronger corrective bounce. Initial resistance is at 0.8797.
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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.