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Impulsive Rally Extends

EURGBP TECHS
  • RES 4: 0.8721 High Jun 15
  • RES 3: 0.8679 High Jul 1 and a key resistance
  • RES 2: 0.8666 2.0% 10-dma envelope
  • RES 1: 0.8648 High Aug 31
  • PRICE: 0.8642 @ 16:22 BST Aug 31
  • SUP 1: 0.8512 High Aug 19 and a recent breakout level
  • SUP 2: 0.8470/8408 20-day EMA / Low Aug 23
  • SUP 3: 0.8388/40 Low Aug 17 / 2 and the bear trigger
  • SUP 4: 0.8313 Low Apr 22

EURGBP traded higher still Wednesday and the latest rally continues to accelerate. The cross has cleared a number of short-term resistance points recently and has traded above 0.8585, the Jul 21 low. The 0.8600 handle has also been pierced to put prices at the best levels since early July. This strengthens the current bullish outlook and attention is vol-band based resistance at 0.8666, 2.0% 10-dma envelope. Initial support is seen at 0.8512, the Aug 19 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepageBond Market Newsmarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepageBond Market Newsmarkets-real-timeBulletMarketsForeign Exchange Bullets

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