Free Trial

Short-Term Outlook Appears Bullish

EURGBP TECHS
  • RES 4: 0.8512 High Dec 22
  • RES 3: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 2: 0.8432/78 High Feb 11 / High Feb 7
  • RES 1: 0.8406 High Feb 25
  • PRICE: 0.8354 @ 06:29 GMT Feb 28
  • SUP 1: 0.8306/8285 Low Feb 24 / Low Feb 3 and key support
  • SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 4: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing

EURGBP key support at 0.8285 remains intact, Feb 3 low. Last week’s recovery from 0.8306, Feb 24 low, suggests the short-term tone remains bullish and if correct, highlights potential for a stronger recovery towards the Feb 7 high of 0.8478. This represents a key short-term resistance. First support lies at 0.8306, whereas a breach of 0.8285 would resume the downtrend.

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.