MNI China Daily Summary: Tuesday, October 15

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CHINA SETS YUAN CENTRAL PARITY AT 7.0830 TUES VS 7.0723

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EURGBP TECHS: Key Short-Term Resistance Remains Intact

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: 0.8548 1.0% 10-dma envelope
  • RES 1: 0.8501 50-day EMA 
  • PRICE: 0.8463 @ 16:34 BST Jul 3
  • SUP 1: 0.8431 Low Jun 25    
  • 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 into the Wednesday close, but remains within range of recent highs. For now, the cross remains below an important resistance at 0.8501, the 50-day EMA. The recovery since Jun 14 appears to be a correction. A clear break of this average would undermine the recent bearish theme and signal scope for a stronger recovery. Initial firm support to watch lies at 0.8431, the Jun 25 low. A reversal lower and a break of this support would open 0.8397, the Jun 14 low and bear trigger.   

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