Free Trial

Likely To Pressure Support Again

EURO-STERLING TECHS
  • RES 4: 0.9087 High Jul 29
  • RES 3: 0.9070 High Aug 17
  • RES 2: 0.9044 High Aug 24 and key near-term resistance
  • RES 1: 0.9008/13 50- and 20-day EMA
  • PRICE: 0.8963 @ 10:49 BST Aug 28
  • SUP 1: 0.8930 Low Aug 27
  • SUP 2: 0.8912 Low Jun 16
  • SUP 3: 0.8864 Low Jun 9 and 61.8% of the Apr 30 - Jun 29 rally
  • SUP 4: 0.88330 Low Jun 15

EURGBP maintains a bearish outlook. This was strengthened Thursday as the cross hit new multi-month lows. The print below former support at 0.8938, Jul 10 low sets the scene for a deeper pullback following the recent failure to build on gains in early August. A continued break lower would open 0.8912 next, Jun 16 low and 0.8864, the Jun 9 low and a Fibonacci retracement. Clearance of 0.9044 is required to suggest a change in direction.

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.