Free Trial

Holds Above Former Breakout.....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Holds Above Former Breakout Level
*RES 4: 0.8869 High Oct 11
*RES 3: 0.8801 50.0% retracement of the Aug - Dec downleg
*RES 2: 0.8787 Low Sep 20
*RES 1: 0.8745 High Mar 3 and 4 high
*PRICE: 0.8701 @ 16:56 GMT Mar 6
*SUP 1: 0.8595 Low Mar 2
*SUP 2: 0.8522 Low Feb 28
*SUP 3: 0.8496 50-day EMA
*SUP 4: 0.8430 Low Feb 27
EURGBP bulls remain in the driving seat. Last week's gains resulted in the break
of key resistance at 0.8596, Jan 14 high marking an important swing in price
action that also signals a potential significant M/T reversal. Price has this
week continued to trade above this breakout level, a positive development with
the past few days' pullback considered a correction. The focus is on a climb
towards 0.8801, a Fibonacci retracement. The bull trigger is 0.8745.

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.