Free Trial

###POV Weekly Bear Channel......>

EURO-STERLING TECHS
EURO-STERLING TECHS: ###POV Weekly Bear Channel Top Capping
* Bulls benefited from a stellar run from Nov 2016 to Oct 2017 resulting in 7
year highs (Gbp0.9350). The failure to break Gbp0.9350 in Aug 2017 (Gbp0.9306)
resulted in a break of the weekly bull channel base off Nov 2016 lows with the
pair remaining capped by the weekly bear channel top off 2017 highs which
increases the likelihood of a correction lower.
* The Gbp0.8531-0.8611 support region is key for LT traders. Bears need a close
below Gbp0.8531 to confirm a correction initially targeting Gbp0.8117-0.8306
where the 200-WMA (Gbp0.8141) and weekly bear channel base (gbp0.8290) is noted.
Below the Gbp0.8117 is needed to shift initial LT focus back to Gbp0.7566 May
2016 lows.
* LT Traders now look for a close above the 55-WMA to confirm a break of the
weekly bear channel top with above Gbp0.9107 needed to return initial focus to
2017 highs.
* Click for chart https://tinyurl.com/yat26nvu

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.