MNI BRIEF: Japan Nov Sentiment, Outlook Indexes Rise

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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: Shallow Correction Appears To Be A Bear Flag

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8623 High Aug 22  
  • RES 3: 0.8494 High Aug 26  
  • RES 2: 0.8470 50-day EMA
  • RES 1: 0.8464 High Sep 12
  • PRICE: 0.8442 @ 06:36 BST Sep 12
  • SUP 1: 0.8400 Low Aug 30 and the bear trigger 
  • SUP 2: 0.8383 Low Jul 17 and a key support
  • SUP 3: 0.8340 Low Aug 2 ‘22
  • SUP 4: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing  

A bearish theme in EURGBP remains intact and the cross continues to trade closer to its most recent lows. The latest move higher is seen as a shallow correction and still appears to be a flag formation - a bearish continuation pattern that reinforces current conditions. A break lower would resume the downtrend and open 0.8383, the Jul 17 low and the next key support. Resistance to watch is 0.8472, the 50-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: 0.8623 High Aug 22  
  • RES 3: 0.8494 High Aug 26  
  • RES 2: 0.8470 50-day EMA
  • RES 1: 0.8464 High Sep 12
  • PRICE: 0.8442 @ 06:36 BST Sep 12
  • SUP 1: 0.8400 Low Aug 30 and the bear trigger 
  • SUP 2: 0.8383 Low Jul 17 and a key support
  • SUP 3: 0.8340 Low Aug 2 ‘22
  • SUP 4: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing  

A bearish theme in EURGBP remains intact and the cross continues to trade closer to its most recent lows. The latest move higher is seen as a shallow correction and still appears to be a flag formation - a bearish continuation pattern that reinforces current conditions. A break lower would resume the downtrend and open 0.8383, the Jul 17 low and the next key support. Resistance to watch is 0.8472, the 50-day EMA.