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EUR/GBP Outside 1.0% 10-dma Envelope Could Hinder Recovery

EURGBP
MNI (London)
  • Recovery off Monday's YTD posted low of Gbp0.8472 moved through its key 10-dma Tuesday with rate then breaking above the topside of its 1.0% 10-dma envelope Wednesday and holds outside into Friday trade as it edges on to Gbp0.8686.
  • Rate tends not to like being outside of its 1.0% envelope for long (current Gbp0.8651) though whilst it holds cannot rule out a look at the topside of the 2.0% envelope, current Gbp0.8737, with interim resistance noted at Gbp0.8705/06(Mar01 high/38.2% 0.9085-0.8472 2021 range) ahead of the Feb26 high at Gbp0.8731. Support Gbp0.8665/60, Gbp0.8640/35, Gbp0.8620 and Gbp0.8582(Apr07 low).
  • MNI Techs: EURGBP traded higher yesterday with the cross holding onto this week's bullish theme. In pattern terms, Tuesday was a bullish engulfing candle and suggested the cross had entered a corrective cycle. Recent gains have now seen prices top the key resistance at 0.8646, Mar 24 high and the 50-day EMA at 0.8654. Further gains would open 0.8731, Feb 26 high. Initial support is at 0.8582, Apr 7 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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