Free Trial

EURGBP TECHS: Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8525 High Jun 6  
  • RES 3: 0.8499 High Jul 1 and a key resistance 
  • RES 2: 0.8478 High Jul 5
  • RES 1: 0.8458/61 50-day EMA / High Jul 29
  • PRICE: 0.8442 @ 16:14 BST Aug 1
  • SUP 1: 0.8393/83 Low Jul 25 / 17 and the bear trigger  
  • SUP 2: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 3: 0.8333 1.0% 10-dma envelope
  • SUP 4: 0.8279 3.00 proj of the Apr 23 - 30 - May 9 price swing

EURGBP is in consolidation mode. Recent gains appear to be corrective in nature and a bearish theme is intact. The move down earlier this month resulted in a print below 0.8397, the Jun 14 low and a bear trigger. A clear break of this price level would confirm a resumption of the medium-term downtrend and open 0.8366, a Fibonacci projection. The next firm resistance is seen at 0.8458, the 50-day EMA. 

153 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: 0.8525 High Jun 6  
  • RES 3: 0.8499 High Jul 1 and a key resistance 
  • RES 2: 0.8478 High Jul 5
  • RES 1: 0.8458/61 50-day EMA / High Jul 29
  • PRICE: 0.8442 @ 16:14 BST Aug 1
  • SUP 1: 0.8393/83 Low Jul 25 / 17 and the bear trigger  
  • SUP 2: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 3: 0.8333 1.0% 10-dma envelope
  • SUP 4: 0.8279 3.00 proj of the Apr 23 - 30 - May 9 price swing

EURGBP is in consolidation mode. Recent gains appear to be corrective in nature and a bearish theme is intact. The move down earlier this month resulted in a print below 0.8397, the Jun 14 low and a bear trigger. A clear break of this price level would confirm a resumption of the medium-term downtrend and open 0.8366, a Fibonacci projection. The next firm resistance is seen at 0.8458, the 50-day EMA.