Free Trial

Pullback Considered Corrective

EURGBP TECHS
  • RES 4: 0.9097 76.4% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.9023 2.0% 10-dma envelope
  • RES 2: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8979 High Feb 3 and the bull trigger
  • PRICE: 0.8843 @ 16:12 GMT Feb 9
  • SUP 1: 0.8841 Low Feb 9
  • SUP 2: 0.8796 50-day EMA
  • SUP 3: 0.8762 Low Jan 30
  • SUP 4: 0.8722 Low Jan 19 and a reversal trigger

EURGBP trend conditions remain bullish despite this week’s move lower. Resistance at 0.8897, the Jan 13 high, has recently been cleared. The breach confirms a resumption of the uptrend that started early December and sights are on 0.8992, a Fibonacci retracement. Moving average studies remain in a bull-mode position. First key support to watch lies at 0.8846, the 20-day EMA.

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.