Free Trial

Gbp0.8717 Support Remains Key...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Gbp0.8717 Support Remains Key
*RES 4: Gbp0.8954 Daily Bear channel top 
*RES 3: Gbp0.8922 Low Nov 27 now resistance 
*RES 2: Gbp0.8873 55-DMA 
*RES 1: Gbp0.8843 Hourly resistance Nov 29
*PRICE: Gbp0.8803 @ 0530GMT
*SUP 1: Gbp0.8774 Bollinger band base, Low Nov 30 
*SUP 2: Gbp0.8724 55-WMA 
*SUP 3: Gbp0.8717 Low June 16 
*SUP 4: Gbp0.8649 Monthly Low June 8
*COMMENTARY: Topside failures above the 100-DMA (Gbp0.8955) and bear channel top
have resulted in a dip below the 200-DMA (Gbp0.8794) but so far follow through
has been lacking. Bulls continue to look for a close above the 55-DMA to ease
bearish pressure and shift focus back to Gbp0.8949-81 where the bear channel top
and 100-DMA are noted. Bears need a close below Gbp0.8717 to reconfirm a bearish
bias and target Gbp0.8474-83 where the bear channel base and 100-WMA are noted.

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.