MNI: ECB CUTS KEY DEPOSIT RATE BY 25 BP TO 3.0%

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

MNI China Daily Summary: Thursday, December 12

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

MNI: CANADIAN OCT BUILDING PERMITS -3.1% MOM

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EURGBP TECHS: Bears Remain In The Driver’s Seat 

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8436/64 50-day EMA / High Sep 11 
  • RES 2: 0.8400 Low Aug 30
  • RES 1: 0.8397 20-day EMA 
  • PRICE: 0.8337 @ 06:15 BST Sep 30
  • SUP 1: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 2: 0.8276 3.382 proj of the Aug 8 - 13 - 14 price swing 
  • SUP 3: 0.8250 Low Apr 14 ‘22
  • SUP 4: 0.8203 Low Mar 7 2022 and a major support   

A bearish theme in EURGBP remains intact and recent weakness reinforces this theme. The cross has breached 0.8400, the Aug 30 low, confirming a resumption of the bear cycle. Furthermore, 0.8383, the Jul 17 low and a key support, has been cleared, strengthening the downtrend. Sights are on 0.8311 next, a Fibonacci projection. Initial firm resistance is seen at 0.8397, the 20-day EMA.

140 words

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.
  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8436/64 50-day EMA / High Sep 11 
  • RES 2: 0.8400 Low Aug 30
  • RES 1: 0.8397 20-day EMA 
  • PRICE: 0.8337 @ 06:15 BST Sep 30
  • SUP 1: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 2: 0.8276 3.382 proj of the Aug 8 - 13 - 14 price swing 
  • SUP 3: 0.8250 Low Apr 14 ‘22
  • SUP 4: 0.8203 Low Mar 7 2022 and a major support   

A bearish theme in EURGBP remains intact and recent weakness reinforces this theme. The cross has breached 0.8400, the Aug 30 low, confirming a resumption of the bear cycle. Furthermore, 0.8383, the Jul 17 low and a key support, has been cleared, strengthening the downtrend. Sights are on 0.8311 next, a Fibonacci projection. Initial firm resistance is seen at 0.8397, the 20-day EMA.