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Free Access###POV LT Bears Focused On......>
EURO-STERLING TECHS: ###POV LT Bears Focused On Gbp0.8108-8313
- Bulls dominated from Nov 2016 to Oct 2017 resulting in 7yr highs (Gbp0.9365).
The rejection ahead of Gbp0.9365 in Aug 2017 (Gbp0.9306) saw a break of the bull
channel base off Nov 2016 lows with the pair having traded sideways since,
increasing the likelihood of a correction lower.
- The close below the 100-WMA adds weight to the bearish case with bears looking
for a close below Gbp0.8494 (Weekly high May 8 2017) to confirm immediate focus
on Gbp0.8313 2017 lows and overall focus on Gbp0.8108-17 (200-WMA Gbp0.8108).
Weekly studies are well positioned for a leg lower with room to move before O/S
is an issue. Below the 200-WMA would initially target Gbp0.7522 alternating
weekly support/resistance.
- The 55-WMA is noted at Gbp0.8814 with LT bulls needing a close above to gain
breathing room and hint at a correction back to Gbp0.8967-0.9107. Overall LT
bulls need a close above Gbp0.9107 to end bearish hopes and see LT bulls
initially targeting Gbp0.9306-65 with overall focus on Gbp0.9801 lifetime highs
(Dec 2008). Click for chart https://tinyurl.com/y9awzvla
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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.