Free Trial

Short-Term Support Remains Exposed

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8866/71 High Mar 23 / Trendline drawn from the Feb 3 high
  • RES 1: 0.8788/0.8829 High Apr 4 / High Mar 30
  • PRICE: 0.8753 @ 20:05 BST Apr 5
  • SUP 1: 0.8729 Low Apr 4
  • SUP 2: 0.8719 Low Mar 15 and key support
  • SUP 3: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 4: 0.8691 Low Dec 19

EURGBP maintains a softer tone following this week’s move lower. The move down refocuses attention on support at 0.8719, the Mar 15 low. A break of this level would cancel a recent bullish theme and signal scope for a deeper pullback, exposing 0.8691, the Dec 19 low. On the upside, initial firm resistance to watch is at 0.8829, the Mar 30 high where a break is required to reinstate any developing bearish threat.

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.