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GBP Opens Europe With Buoyant Tone

EURGBP
MNI (London)
  • EUR/GBP touched a high of Gbp0.8905 into Tuesday's 0800fix before GBP performed a sharp turn around which saw the cross break back below its technically key 10-dma (Gbp0.8881, current Gbp0.8875) before touching a low of Gbp0.8847 through the 1600GMT fix.
  • Rate recovered to Gbp0.8860, closing the day at Gbp0.8853.
  • Consolidation in Asia, rate contained within a range of Gbp0.8848/58.
  • The close below the 10-dma keeps underlying tone bearish.
  • Support remains at Gbp0.8850/47(76.4% 0.8829-0.8919/Jan26 low), a break to expose the Jan21 YTD low at Gbp0.8829. Break here to expose the base of the 1.0% 10-dma envelope, currently coming through at Gbp0.8786.
  • Resistance Gbp0.8860 ahead of Gbp0.8875/90 then Gbp0.8905. Break here to expose Gbp0.8925/30.
  • MNI Techs: EURGBP traded lower Tuesday. The outlook remains bearish. This follows last week's breach of key support at 0.8867 and 0.8861, the Nov 23 and Nov 11 lows respectively. The break lower reinforces underlying bearish conditions and paves the way for a move towards 0.8800 and 0.8784. On the upside, resistance has been defined at 0.8925, Jan 18 high where a break is required to ease the bearish pressure.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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