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Retains Bearish Feel

EURGBP
MNI (London)
  • Cross closed the week/month below its technically key 10-dma(Friday Gbp0.8866) and seen keeping the recent bearish tone in place.
  • Rate did make a show above this level Friday, traded to Gbp0.8870 before it fell back Gbp0.8837 then recovered through the month-end 1600GMT fix before closing at Gbp0.8858.
  • EUR came under pressure in Asia, traders suggested in reaction to negative press reports concerning the European Commission's handling of COVID vaccine procurement and roll out.
  • EUR/GBP was pressed down to Gbp0.8820 ahead of the European open but GBP ran into early selling into the new session which has edged the cross back to Gbp0.8833 at writing.
  • Support Gbp0.8820 ahead of Gbp0.8812/08, a break of this area to expose the base of the 1.0% 10-dma envelope, currently coming through at Gbp0.8772. The 10-dma by time has eased to Gbp0.8861. Resistance seen at Gbp0.8870, stronger into Gbp0.8883/84.
  • MNI Techs: EURGBP remains bearish. The cross traded lower on Jan 27, extending the current downtrend and further weakness is seen likely with the focus on the 0.8800 handle and 0.8759. The latter is the May 12, 2020 low. Moving average studies are also pointing south reinforcing current trend conditions. On the upside, a firm resistance has been defined at 0.8925, the Jan 18 high where a break is required to ease the bearish pressure.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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