Free Trial

Holding Above Support

EURO-STERLING TECHS
  • RES 4: 0.9260 2.0% 10-dma envelope
  • RES 3: 0.9184 61.8% Fibonacci retracement of the Mar - Apr decline
  • RES 2: 0.9176 High Jun 29 and the bull trigger
  • RES 1: 0.9148 High Jul 27
  • PRICE: 0.9057 @ 06:15 BST Jul 31
  • SUP 1: 0.9017 Low Jul 30
  • SUP 2: 0.9003/01 50-day EMA / Low Jul 21
  • SUP 3: 0.8938 Low Jul 10 and the key near-term support
  • SUP 4: 0.8913 Low Jun 16

EURGBP has traded lower this week but remains above support. The cross recently defined a S/T base at 0.9001, Jul 21 low. The outlook is bullish. This follows recent Japanese candle patterns on Jun 13, a bullish engulfing and Jun 10, a doji. Together they signalled a reversal off 0.8938, Jun 10 low and the cross has since traded higher. The focus is on 0.9145, Jun 30 high and 0.9176, Jun 29 high. 0.9001 is the key near-term support.

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.