Free Trial

EURGBP TECHS: Bearish Trend Structure

EURGBP TECHS
  • RES 4: 0.8586 76.4% retracement of the Apr 23 - Jun 14 bear leg  
  • RES 3: 0.8568 High May 20
  • RES 2: 0.8491/99 50-day EMA / High Jul 1 
  • RES 1: 0.8464 20-day EMA  
  • PRICE: 0.8415 @ 16:50 BST Jul 11
  • SUP 1: 0.8414 Low Jul 11    
  • SUP 2: 0.8397 Low Jun 14 and the bear trigger
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing 

EURGBP traded lower again Thursday extending the gap with the recent high on Jul 1. Trend signals are bearish and a key resistance at 0.8492 is intact, the 50-day EMA. Clearance of this average is required to highlight a stronger reversal. Initial firm support has been pierced at 0.8431, the Jun 25 low. A clear break of it would open 0.8397, the Jun 14 low and the bear trigger. Clearance of this level resumes the downtrend.   

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.