Free Trial

Eyeing the downside: *RES 3:....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Eyeing the downside:
*RES 3: 0.9072/86 Trendline resistance drawn off Aug 12 high / High Sep 4
*RES 2: 0.9031 High Sep 5
*RES 1: 0.9015 High Sep 9
*PRICE: 0.8947 @ 08:25 GMT Sep 12
*SUP 1: 0.8905 Low Sep 9
*SUP 2: 0.8892/64 Low Jul 25 / Bear channel base drawn off the Aug 12 high
*SUP 3: 0.8873 Low Jun 20
EURGBP is quiet but maintains a bearish outlook following the recent spell of
lower lows and lower highs. Furthermore, momentum and moving average studies
continue to point south reinforcing the current bearish theme. The cross is
approaching the next objective at 0.8892, the low of Jul 25. Note that this
level lies ahead of 0.8864, the base of the bear channel drawn off the Aug 12
high and potentially a strong support. Initial resistance is at 0.9015 ahead of
0.9031.

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.