Free Trial

Monitoring Resistance At The 50-Day EMA

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8647 100-dma
  • RES 1: 0.8595 50-day EMA
  • PRICE: 0.8588 @ 15:32 BST Aug 28
  • SUP 1: 0.8536/8493 Low Aug 24 / 23 and the bear trigger
  • SUP 2: 0.8469 1.0% 10-dma envelope
  • SUP 3: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg
  • SUP 4: 0.8408 Low Aug 24 2022

EURGBP is holding onto its most recent gains and remains above last week’s low of 0.8493 (Aug 23). Attention is on resistance at the 50-day EMA, at 0.8595. Clearance of this level would strengthen a short-term bullish condition and suggest scope for a stronger correction. Moving average studies continue to highlight a primary downtrend, the bear trigger lies at 0.8493, the Aug 23 low.

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.