Free Trial

Shows Through Key S/T Support

EURGBP TECHS
  • RES 4: 0.8835 High May 3
  • RES 3: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8725/68 High Nov 22 / 20 and the bull trigger
  • RES 1: 0.8702 20-day EMA
  • PRICE: 0.8652 @ 16:23 GMT Nov 29
  • SUP 1: 0.8643 Low Nov 29
  • SUP 2: 0.8630 50.0% retracement of the Aug 23 - Nov 20 bull run
  • SUP 3: 0.8616 Low Oct 11 and a reversal trigger
  • SUP 4: 0.8598 61.8% retracement of the Aug 23 - Nov 20 bull run

EURGBP maintains a softer tone and the cross traded lower this week. Price is through support at 0.8650, the Nov 6 low and key support. The break of this level strengthens a bearish theme and paves the way for a move towards 0.8630, a Fibonacci retracement. Further out, a break lower would open 0.8616, the Oct 11 low. Initial resistance to watch is 0.8702, the 20-day EMA.

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.