Free Trial

Fibonacci Retracement Remains Exposed

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8646/72 High Jun 1 / High May 25
  • RES 1: 0.8602/29 High Jun 21 / High Jun 15
  • PRICE: 0.8574 @ 06:00 BST Jun 25
  • SUP 1: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
  • SUP 2: 0.8487 1.0% 10-dma envelope
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8401 2.0% 10-dma envelope

The EURGBP outlook is unchanged and remains bearish. Support at 0.8561, May 12 low was breached Jun 17. This signalled the end of the recent consolidation and strengthened a bearish case. The focus is on 0.8531, 76.4% of the Apr 5 - 26 rally that has been tested. A break would expose key support at 0.8472, Apr 5 low. Initial firm resistance has been defined at 0.8602, Jun 21 high where a break would ease the bearish threat.

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.