Free Trial

EURGBP TECHS: Corrective Cycle Extends 

EURGBP TECHS
  • RES 4: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg    
  • RES 3: 0.8645 High Apr 23 and a key resistance
  • RES 2: 0.8593/8625 High Aug 14 / 8 and the bull trigger
  • RES 1: 0.8545 High Aug 21 
  • PRICE: 0.8486 @ 06:38 BST Aug 23
  • SUP 1: 0.8479 Low Aug 22 
  • SUP 2: 0.8454 Low Aug 2  
  • SUP 3: 0.8440 61.8% retracement of the Jul 17 - Aug 8 rally 
  • SUP 4: 0.8418 Low Aug 1

EURGBP maintains a weaker short-term tone and the cross traded lower Thursday. The move down is allowing an overbought condition evident earlier in the month to fully unwind. The 50-day EMA has given way and a clear break of it would be a concern for bulls. Initial resistance has been defined at 0.8545, the Aug 21 high. A move higher and a break of this level would signal a potential reversal.

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.