Free Trial

Needle Still Points South

EURGBP TECHS
  • RES 4: 0.9093 High Dec 29
  • RES 3: 0.9085 High Jan 6
  • RES 2: 0.8965/96 50-day EMA / High Jan 12
  • RES 1: 0.8925 High Jan 18
  • PRICE: 0.8846 @ 16:42 GMT Jan 29
  • SUP 1: 0.8813 Low Jan 27
  • SUP 2: 0.8808 Low May 13, 2020
  • SUP 3: 0.8759 Low May 12, 2020
  • SUP 4: 0.8698 2.0% 10-dma envelope

EURGBP traded lower Wednesday, extending the current downtrend. A bearish theme remains in place and further weakness is seen likely with the focus on the 0.8800 handle and 0.8759. The latter is the May 12, 2020 low. Moving average studies are also pointing south reinforcing current trend conditions. On the upside, resistance has been defined at 0.8925, the Jan 18 high where a break is required to ease the bearish pressure.

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.