Free Trial

Key Fib Supports Probed

EURGBP TECHS
  • RES 4: 0.8432/78 High Feb 11 / High Feb 7
  • RES 3: 0.8406 High Feb 25 and key resistance
  • RES 2: 0.8353 20-day EMA
  • RES 1: 0.8306 Low Feb 24
  • PRICE: 0.8261 @ 17:28 GMT Mar 4
  • SUP 1: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 2: 0.8218 50.0% retracement of the 2015 - 2019 bull cycle
  • SUP 3: 0.8193 1.236 proj of the Feb 7 - 24 - 25 price swing
  • SUP 4: 0.8169 1.382 proj of the Feb 7 - 24 - 25 price swing

EURGBP continues to head south. This week’s move lower has resulted in a break of support at 0.8285, Feb 3 low and a move through key support at 0.8282/77, the Feb ’20 and Dec’19 lows and a key bear trigger. Note that prices below 0.8300 highlight a potential break of the base of a multi-year range - a key bearish development if confirmed. Initial resistance is seen at 0.8306, the Feb 24 low. The focus is on a clean break of 0.8242 - which has been probed.

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.