Free Trial

Rebound Considered Corrective

EURGBP TECHS
  • RES 4: 0.8432/78 High Feb 11 / High Feb 7
  • RES 3: 0.8406 High Feb 25 and key resistance
  • RES 2: 0.8370 50-day EMA
  • RES 1: 0.8347 High Mar 8
  • PRICE: 0.8327 @ 06:17 GMT Mar 9
  • SUP 1: 0.8278/8203 Low Mar 8 / Low Mar 7 and key support
  • SUP 2: 0.8193 1.236 proj of the Feb 7 - 24 - 25 price swing
  • SUP 3: 0.8169 1.382 proj of the Feb 7 - 24 - 25 price swing
  • SUP 4: 0.8131 Low Jun 27, 2016

EURGBP traded lower Monday to 0.8203. The cross has recovered though and traded higher yesterday. S/T gains are considered corrective and the primary trend direction remains down. Last week’s move lower resulted in a clear break of key support at 0.8282/77, the Feb ’20 and Dec’19 lows. Note that the break of 0.8300 highlights a breach of the base of a multi-year range - a key bearish development. Firm resistance is seen at 0.8370.

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.