Free Trial

Sharply Lower And Approaching Support

EURGBP TECHS
  • RES 4: 0.8840 High Feb 4
  • RES 3: 0.8791/8857 High Feb 12 / 2.0% 10-dma envelope
  • RES 2: 0.8731 High Feb 26
  • RES 1: 0.8701/21 High MAy 7 / High Apr 26 and the bull Trigger
  • PRICE: 0.8613 @ 14:51 BST May 10
  • SUP 1: 0.8596 Intraday low
  • SUP 2: 0.8589 Low Apr 19 and a key support
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP has started this week on a bearish note and is trading sharply lower. Attention turns to support at 0.8589, Apr 19 low where a break would see the cross move out of its recent range and confirm a bearish breakout. This would suggest scope for a deeper pullback, potentially towards the key support at 0.8472, Apr 5 low. The key resistance and bull trigger is unchanged at 0.8721.

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.