Free Trial

Probes A Key Resistance

EURGBP TECHS
  • RES 4: 0.8502 2.0% 10-dma envelope
  • RES 3: 0.8498 High Dec 23
  • RES 2: 0.8478 High Feb 7 and a bull trigger
  • RES 1: 0.8436 Mar 10 High
  • PRICE: 0.8393 @ 17:47 GMT Mar 10
  • SUP 1: 0.8317 Low Mar 9
  • SUP 2: 0.8278 Low Mar 7
  • SUP 3: 0.8203 Low Mar 7 and the bear trigger
  • SUP 4: 0.8131 Low Jun 27, 2016

EURGBP briefly traded higher Thursday, above the key resistance at the Feb 25 high of 0.8406. This week's strength completes a 100% retracement of the most recent downleg between Feb 25 - Mar 7 and strengthens short-term bullish conditions. The move higher signals scope for a climb towards the next resistance at the early February highs of 0.8478. Initial support is seen at 0.8317, the Mar 9 low.

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.