Free Trial

Remains Heavy

EURO-STERLING TECHS
  • RES 4: 0.9070 High Aug 17
  • RES 3: 0.9044 High Aug 24 and key near-term resistance
  • RES 2: 0.8987/97 20- and 50-day EMA
  • RES 1: 0.8975 High Aug 28
  • PRICE: 0.8899 @ 05:53 BST Sep 2
  • SUP 1: 0.8889 Low Sep 1
  • SUP 2: 0.8864 Low Jun 9 and 61.8% of the Apr 30 - Jun 29 rally
  • SUP 3: 0.8830 Low Jun 15
  • SUP 4: 0.8790 76.4% retracement of the Apr 30 - Jun 29 rally

EURGBP maintains a bearish outlook following last week's sell-off to new multi-month lows. The cross traded lower again yesterday. The recent print below 0.8938, Jul 10 low sets the scene for a deeper pullback opening 0.8864, Jun 9 low and the 61.8% Fibonacci retracement of the Apr 30 - Jun 29 rally. Moving average studies have crossed into a bearish condition to reinforce the current downleg. 0.8975 marks initial resistance, Aug 28 high.

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.