Free Trial

Hits Bear Trigger

EURGBP TECHS
  • RES 4: 0.8797 High Feb 9
  • RES 3: 0.8731 High Feb 26 and the S/T reversal trigger
  • RES 2: 0.8668 High Mar 3
  • RES 1: 0.8646 High Mar 24
  • PRICE: 0.8538 @ 17:03 GMT Mar 29
  • SUP 1: 0.8521 38.2% 2015 - 2020 Rally
  • SUP 2: 0.8506 Low Mar 29
  • SUP 3: 0.8495 3.0% Lower Bollinger Band
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP resumed the downward trend Monday, taking out the bear trigger on the way lower to print new multi-year lows. This exposes the 38.2% retracement of the 2015 - 2020 rally at 0.8521 which price dipped below Monday. A break would open 0.8495, a volatility based support. Firm trend resistance is at 0.8731, Feb 26 high. A breach of this hurdle is needed to signal a short-term reversal.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.