Free Trial

Focus Remains On The Bullish Engulfing

EURGBP TECHS
  • RES 4: 0.9149 Oct 20 high
  • RES 3: 0.9107 High Oct 23
  • RES 2: 0.9074 Trendline resistance drawn off the Sep 11 high
  • RES 1: 0.9069 High Nov 5
  • PRICE: 0.8990 @ 17:01 GMT Nov 9
  • SUP 1: 0.8989 Low Nov 6 / 9
  • SUP 2: 0.8946 Low Nov 4 and the key near-term support
  • SUP 3: 0.8924 Low Sep 7
  • SUP 4: 0.8900 Low Sep 4

EURGBP maintains a potential positive tone following the Nov 4 recovery. In pattern terms a bullish engulfing reversal marks the Nov 4 session. If correct, it signals a floor has been established at 0.8946. Further gains would open 0.9107, Oct 23 high. Note there is a trendline resistance that intersects at 0.9074, drawn off the Sep 11 high and represents a key short-term hurdle for bulls. On the downside, a break of 0.8946 would resume the downtrend.

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.