Free Trial

Pullbacks Considered Corrective

EURO-STERLING TECHS
  • RES 4: 0.9501 High Mar 19 and major resistance
  • RES 3: 0.9388 Mar 23 high
  • RES 2: 0.9305 76.4% retracement of the Mar - Apr sell-off
  • RES 1: 0.9292 High Sep 11 and the bull trigger
  • PRICE: 0.9211 @ 16:54 BST Sep 15
  • SUP 1: 0.9176 High Jun 29 and a former key resistance
  • SUP 2: 0.9148 High Jul 27
  • SUP 3: 0.9075 Low Sep 10
  • SUP 4: 0.9053/0.9021 20-day and 50-day EMA

EURGBP remains bullish following last week's strong rally and is holding onto recent gains. The cross last week cleared the 50-day EMA in a convincing manner and also breached key resistance at 0.9070, Aug 17 high, 0.9148 Jul 27 high and 0.9176, Jun 29 high. This paves the way for further gains, with attention on 0.9305, the 76.4% retracement of the Mar 19 - Apr 30 decline. On the downside, initial support is seen at the 0.9176 to 0.9148 zone.

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.