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Retains a Buoyant tone

EURO-STERLING
MNI (London)
  • The recent break and close above the key 10-dma (current Gbp0.9080) saw rate push up to Gbp0.9148 Tuesday.
  • Rate has maintained that break and retains a buoyant feel into European trade Wednesday.
  • Upside momentum Tuesday failed to bring pressure to bear on the topside of the 10-dma envelope, currently at Gbp0.9171, but level remains exposed. Interim resistance noted at Gbp0.9157(Sep30 high)
  • Brexit headlines remain in focus as negotiations continue.
  • MNI Techs: EURGBP technical conditions have improved for bulls following this week's gains. Break above 0.9122 yesterday, Oct 14 high, confirms a clear break of trendline resistance, drawn off the Sep 11 high, turning outlook more positive for now. Further gains would open 0.9162, Oct 7 high and 0.9183, a Fibonacci retracement. For bears to regain any momentum, the cross needs to break through the bear trigger at 0.9007, Oct 14 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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