Free Trial

EURGBP TECHS: Bear Cycle Extends

EURGBP TECHS
  • RES 4: 0.8625 High Aug 8 and the bull trigger  
  • RES 3: 0.8593 High Aug 14  
  • RES 2: 0.8545 High Aug 21 and a key near-term resistance
  • RES 1: 0.8468/8501 High Aug 27 / 20-Day EMA 
  • PRICE: 0.8425 @ 06:21 BST Aug 28
  • SUP 1: 0.8423 1.0% 10-dma Envelope 
  • SUP 2: 0.8411 Low Jul 30 
  • SUP 3: 0.8383 Low Jul 17 and a key support 
  • SUP 4: 0.8340 Low Aug 2 ‘22

EURGBP maintains a weaker short-term tone and the cross continues to trade lower. The extension reinforces the bearish significance of the recent break of the 50-day EMA. Furthermore, the cross has cleared all the key retracement points of the rally between Jul 17 - Aug 8. This undermines the recent bullish theme and exposes 0.8383, the Jul 17 low and a key support. Firm resistance is seen at 0.8501, the 20-day EMA.

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.