Free Trial

Signs of a Top

  • RES 4: 0.8768 High May 5
  • RES 3: 0.8736 50.0% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8706 High Sep 26 and the bull trigger
  • PRICE: 0.8639 @ 16:34 BST Oct 12
  • SUP 1: 0.8622 50-day EMA
  • SUP 2: 0.8616 Low Oct 11
  • SUP 2: 0.8569 Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

EURGBP drifted lower still through Wednesday trade, defying the bull cycle that had remained in play into the tail-end of last week. A potential close today below the 50-day EMA would be a bearish development and could signal a near-term top. Further losses expose 0.8569, the Sep 15 low and key support. Prices need to rise north of 0.8706 to re-initiate any bull cycle.

MNI London Bureau | +44 203-865-3809 |

To read the full story



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.