Free Trial

Rally Accelerates

EURO-STERLING TECHS
  • RES 4: 0.9501 High Mar 19 and major resistance
  • RES 3: 0.9400 Round number resistance
  • RES 2: 0.9388 Mar 23 high
  • RES 1: 0.9305 76.4% retracement of the Mar - Apr sell-off
  • PRICE: 0.9263 @ 17:32 BST Sep 10
  • 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: 0.8993/87 50-day and 20-day EMA

The recovery in EURGBP off last week's low remains intact and accelerated Thursday. The cross has this 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 upside with attention on 0.9305, the 76.4% retracement of the Mar 19 - Apr 30 decline. On the downside, initial support is seen in 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.