Free Trial

EURGBP TECHS: Impulsive Bear Wave Extends

EURGBP TECHS
  • RES 4: 0.8621 High May 9 and a key short-term resistance
  • RES 3: 0.8588 1.0% 10-dma envelope
  • RES 2: 0.8541 High May 31
  • RES 1: 0.8484/8519 Low May 29 / 20-day EMA 
  • PRICE: 0.8430 @ 16:24 BST Jun 12
  • SUP 1: 0.8418 Low Jun 12
  • SUP 2: 0.8408 Low Aug 24 2022
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing  

A bearish theme in EURGBP remains intact and this week’s move lower reinforces this condition. Monday’s sell-off and break of support at 0.8484, the May 29 low and bear trigger, confirms a resumption of the downtrend. Sights are on 0.8408 next, the Aug 24 ‘22 low. 0.8453, 76.4% of the Mar 7 ‘22 - Sep 26 ‘22 bull cycle has been breached, the break reinforces the bearish theme. Firm resistance is at 0.8519, 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.