Free Trial

Gains Considered Corrective

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: 0.8618/29 High Jul 8 and key resistance / High Jun 15
  • PRICE: 0.8573 @ 16:16 BST Jul 9
  • SUP 1: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
  • SUP 2: 0.8494 1.0% 10-dma envelope
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP traded higher Thursday. Despite Thursday's climb, the outlook remains bearish. The cross did probe resistance at 0.8616, the Jul 1 high. A clear break is required to threaten the bearish theme. Attention is on 0.8531, 76.4% of the Apr 5 - 26 rally and just above the Jun 23 low. Clearance of this level would strengthen a bearish case and expose key support at 0.8472, Apr 5 low.

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.