Free Trial

Reverses Course From Trend Low

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8653/8669 100-dma / High Aug 11
  • RES 2: 0.8599 50-day EMA
  • RES 1: 0.8577 20-day EMA
  • PRICE: 0.8553 @ 11:23 BST Aug 23
  • SUP 1: 0.8493 Intraday low
  • SUP 2: 0.8491 1.0% 10-dma envelop
  • SUP 3: 0.8471 Low Aug 29 2022
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

EURGBP traded lower earlier today, breaching support at 0.8504, the Jull 11 low, before rebounding. The break lower reinforces a bearish theme and a resumption of weakness would confirm a continuation of the medium-term downtrend and signal scope for weakness towards 0.8454, a Fibonacci retracement point. For now, gains are considered corrective. Resistance to watch is 0.8577, the 20-day EMA.

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.