Free Trial

Retracing Recent Gains *RES.....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Retracing Recent Gains
*RES 4: 0.9640 3.0% Upper Bollinger Band
*RES 3: 0.9634 4.236 projection of the Dec - Jan rally from the Feb low
*RES 2: 0.9558 4.00 projection of the Dec - Jan rally from the Feb low
*RES 1: 0.9501 High Mar 19 and multiyear high
*PRICE: 0.9119 @ 16:17 GMT Mar 20
*SUP 1: 0.8997 Low Mar 20
*SUP 2: 0.8985 Low Mar 16
*SUP 3: 0.8933 1.0% 10-dma envelope
*SUP 4: 0.8851 20-day EMA
EURGBP has this week confirmed a break of the range the cross has traded within
since the Oct 2016 high. While we have yet to see bullish follow through with
the cross pulling back from Thursday's 0.9501 high, the overarching outlook
remains bullish. Only a retreat below 0.9000 will suggest a possible reversal
instead. Bullish objectives are at 0.9544/58, a break of 0.9501 would confirm a
resumption of the uptrend. Initial firm support is seen at 0.8933.

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.