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Market Digest Hawkish BoK Minutes

EURO-STERLING
EURO-STERLING: EURGBP: Down but not out:
*RES 4: 0.9092 High Jan 3 and major resistance
*RES 3: 0.9061 High Jan 11
*RES 2: 0.9000 Psychological round number
*RES 1: 0.8974 High Jun 18
*PRICE: 0.8911 @ 04:24 GMT June 19
*SUP 1: 0.8903 Trendline support drawn off May 21 low
*SUP 2: 0.8871 Low May 12
*SUP 3: 0.8861 20-day EMA
*SUP 4: 0.8827 Low Jun 6
Draghi's dovish tones left a mark Tuesday, with EURGBP closing back below
0.8950. At this stage, calling for a bearish reversal looks premature for now.
The broader themes remain intact, however the outlook will worsen if trendline
support at 0.8903 is breached. Note that in candlestick terms, yesterday's price
action is a dark cloud cover. This is a bearish pattern however will only become
relevant if trendline support is breached. For now, bulls target 0.9000.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com