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Free AccessKey Short-Term Resistance Remains Intact
- RES 4: 0.8676 High Jan 3
- RES 3: 0.8620 High Jan 20
- RES 2: 0.8581 50-day EMA and key near-term resistance
- RES 1: 0.8572 High Feb 5
- PRICE: 0.8554 @ 15:57 GMT Feb 19
- SUP 1: 0.8493 Low Aug 23 2023 and a key medium-term support
- SUP 2: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 3: 0.8388 Low Aug 17 2023
- SUP 4: 0.8340 Low Aug 2 2022
The latest bounce in EURGBP appears to be a correction. A bearish trend condition remains intact and the cross traded to fresh cycle lows this week, breaching support at 0.8513, the Jan 29 low. The break confirms a resumption of the bear cycle with the next objective at 0.8493, the Aug 23 ‘23 low and a key support. Key near-term resistance to watch is 0.8581, the 50-day EMA. A clear break of the average would be a bullish development.
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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.