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Probes Key Support

EURGBP TECHS
  • RES 4: 0.9107 High Oct 23
  • RES 3: 0.9064/69 Trendline drawn off the Sep 11 high / High Nov 5
  • RES 2: 0.8982 High Nov 10
  • RES 1: 0.8946 Low Nov 4
  • PRICE: 0.8911 @ 16:37 GMT Nov 11
  • SUP 1: 0.8861 Low Nov 11
  • SUP 2: 0.8830 Low May 15
  • SUP 3: 0.8803 Low May 13
  • SUP 4: 0.8748 61.8% retracement of the Feb - March Rally

EURGBP traded sharply lower Tuesday clearing 0.8946, Nov 4 low, the bear trigger, as well as the 200-dma. The break lower negates a recent bullish candle pattern and confirms a resumption of the underlying downtrend that has been in place since Sep 11. Note too that trendline resistance drawn off the Sep 11 high remains intact, reinforcing the current bearish theme. 0.8866, Sep 3 low and a key support has been probed, A clear break opens 0.8830.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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