Free Trial

Recovery Holds For Now

EURGBP TECHS
  • RES 4: 0.8595 High Nov 5 and a key resistance
  • RES 3: 0.8574 High Nov 11
  • RES 2: 0.8544 76.4 retracement of the Nov 5 - 22 sell-off
  • RES 1: 0.8538 High Nov 30
  • PRICE: 0.8497 @ 16:13 GMT Dec 2
  • SUP 1: 0.8471 20-day EMA
  • SUP 2: 0.8411/8381 Low Nov 26 / Low Nov 22
  • SUP 3: 0.8356 Low Feb 26, 2020
  • SUP 4: 0.8339 Low Feb 25, 2020

EURGBP price action has settled at the highs of this week’s range following a push higher on Tuesday. The recent recovery is still considered a correction though. Trend conditions remain bearish and the focus is on 0.8356 next, Feb 26, 2020 low. The next resistance to watch is 0.8544, a Fibonacci retracement. A break would suggest scope for a stronger recovery and expose 0.8574 initially, the Nov 11 high. First support to watch is 0.8471.

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

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.