Free Trial

Remains Vulnerable

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8903 Trendline drawn from the Feb 3 high
  • RES 2: 0.8890 High Mar 10
  • RES 1: 0.8844 High Mar 15
  • PRICE: 0.8756 @ 06:35 GMT Mar 20
  • SUP 1: 0.8719 Low Mar 15 and key support
  • SUP 2: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull leg

EURGBP remains vulnerable near-term and the cross is trading closer to its recent lows. The cross has breached support at 0.8755, the Feb 28 low and recently pierced 0.8722, the Jan 19 low. Clearance of 0.8722 would leave the 0.8700 handle exposed. Initial firm resistance is seen at 0.8844, the Mar 15 high. A breach of this hurdle is required to ease bearish pressure and allow for a move towards 0.8903, a trendline resistance.

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.