Free Trial

Moving Average Studies Highlight A Downtrend

EURGBP TECHS
  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8593 High Jan 19
  • RES 1: 0.8578 High Feb 20 and key short-term resistance
  • PRICE: 0.8542 @ 16:26 GMT Mar 5
  • SUP 1: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 2: 0.8454 76.4% 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

EURGBP is in consolidation mode, faltering slightly into the Tuesday close, however is largely holding on to recent gains. Price remains below 0.8578, the Feb 20 high. Moving average studies continue to highlight a downtrend, however, a break of 0.8578 would highlight a bullish development. For bears, a resumption of weakness would expose support and the bear trigger at 0.8493, Aug 23 low. Clearance of this level would confirm a resumption of the trend and open 0.8454, a Fibonacci retracement.

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.