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Pivots Gbp0.8600 in Early Europe

EURGBP
MNI (London)
  • GBP early spike higher in Asian trade Wednesday allowed GBP/USD to break below Gbp0.8600, the move said to have triggered barrier interest with the added stop momentum taking rate down to a low of Gbp0.8541.
  • Move also took the cross below the base of its 1.0% 10-dma envelope, and as mentioned rate tends not to like to be outside of this parameter for too long and did indeed recover back inside as it edged to an initial high of Gbp0.8614, touching Gbp0.8616 at the 1600GMT fix.
  • Rate settled just above Gbp0.8600 through to the close.
  • Consolidation continued in Asia as rate pivoted around Gbp0.8600 in a relatively tight range of Gbp0.8596/0.8610.
  • By time the 1.0% envelope base has eased to Gbp0.8575 , but expect support to be seen between Gbp0.8585/75. A break to open a deeper move toward Gbp0.8560/55 ahead of Gbp0.8541.
  • Resistance Gbp0.8616, Gbp0.8640. The technically key 10-dma currently comes through at Gbp0.8662 and while rate holds below this level keeps the recent bearish tone in place.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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