Free Trial

Primary Trend Direction Remains Down

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8701 50-day EMA
  • RES 1: 0.8637 20-day EMA
  • PRICE: 0.8610 @ 15:59 BST Jun 13
  • SUP 1: 0.8541 Low Jun 9 / 12 low
  • SUP 2: 0.8522 Low Aug 30 2022
  • SUP 3: 0.8512/8499 1.0% 10-dma env / 3.0% Lower Bollinger Band
  • SUP 4: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle

EURGBP has recovered from its recent 0.8541 low. The primary trend direction remains down and short-term gains are considered corrective with initial resistance at 0.8637, the 20-day EMA. Moving average studies remain in a bear-mode condition, highlighting a downtrend and recent fresh lows have reinforced bearish conditions. A move lower and a break of 0.8541, the Jun 9 and 12 low, would confirm a resumption of the trend.

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.