Free Trial

Heading South

EURGBP TECHS
  • RES 4: 0.8835 High May 3
  • RES 3: 0.8814 High May 4
  • RES 2: 0.8748 50-day EMA
  • RES 1: 0.8706 20-day EMA
  • PRICE: 0.8632 @ 06:18 BST May 31
  • SUP 1: 0.8628 Low May 30
  • SUP 2: 0.8593 Low Dec 15 2022
  • SUP 3: 0.8562 Low Dec 13 2022
  • SUP 4: 0.8547 Low Dec 1 2022 and key support

The EURGBP trend needle continues to point south and the cross is trading at its recent lows. Price traded to a fresh YTD low yesterday and confirmed a breach of 0.8661, the May 11 low. This maintains the bearish sequence of lower lows and lower highs and it is worth noting that 50- and 200-dmas are on the cusp of death cross - a bearish technical signal. The focus is on 0.85983, the Dec 15 low. Initial firm resistance is at 0.8706 the 20-day EMA.

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.