Free Trial

Key Support Remains Exposed

EURGBP TECHS
  • RES 4: 0.8719 High May 23 and a congestion high
  • RES 3: 0.8701 High Jul 19 and a key resistance
  • RES 2: 0.8658/8669 100-dma / High Aug 11
  • RES 1: 0.8604 50-day EMA
  • PRICE: 0.8538 @ 20:31 BST Aug 21
  • SUP 1: 0.8523/05 Low Aug 17 / 1.0% 10-dma envelope
  • SUP 2: 0.8504 Low Jul 11 and key support
  • SUP 3: 0.8471 Low Aug 29 2022
  • SUP 4: 0.8424 Low Aug 25 2022

EURGBP remains in a bear mode condition following last week’s extension of the move lower that started at 0.8669, the Aug 11 high. The cross has breached support at 0.8544, the Jul 27 low and a recent key short-term level. The clear break strengthens bearish conditions and signals scope for weakness towards 0.8504, the Jul 11 low and a bear trigger. The first key short-term hurdle for bulls is 0.8669.

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.