Free Trial

Reverses Recent Downleg

EURGBP TECHS
  • RES 4: 0.8740 2.0% 10-dma envelope
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8672 High May 25
  • RES 1: 0.8670 High Jul 20
  • PRICE: 0.8650 @ 16:52 BST Jul 20
  • SUP 1: 0.8561 Low Jul 19
  • SUP 2: 0.8504 Low Jul 14 and key short-term support
  • SUP 3: 0.8475/72 1% 10-dma envelope / Low Apr 5
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP extended the recovery Tuesday, rallying through first key resistance at the 0.8666 Fib retracement. This firms the outlook, and highlights a stronger reversal of the recent downleg. This suggests scope for short-term gains toward the bull trigger of 0.8721. Key support has been defined at 0.8504, Jul 14 low. Initial support is at 0.8561, Monday's low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.