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Soft GBP Allows Cross to Edge Above the 10-dma

EURGBP
MNI (London)
  • GBP continues to soften with EUR/GBP breaking back above its key 10-dma (current Gbp0.8590) and seen building in early Europe.
  • Cross seen meeting some resistance around the Gbp0.8618 level (38.2% 0.8731-0.8548), a clear above to open a move on toward Gbp0.8627(Mar08 high) ahead of Gbp0.8640(50%), recent highs at Gbp0.8652/54 and Gbp0.8661(61.8%)
  • Pressure on GBP seen on the back of the EU legal move against the UK concerning the N.Ireland border, as well as position adjustment ahead of this week's FOMC and BOE monetary policy decisions Wednesday, Thursday respectively.
  • Support Gbp0.8588/78.
  • If EUR/GBP can close above its 10-dma will turn the recent bearish tone bullish with the top of the 1.0% 10-dma envelope moving into view, current Gbp0.8675.
  • MNI Techs: EURGBP is firmer but remains in consolidation mode. The outlook is bearish. Technical signals continue to highlight a bearish condition and attention is on 0.8541, Feb 24 low. A break of this support would resume the downtrend and expose 0.8495, a volatility based support area. On the upside, firm short-term resistance has been defined at 0.8731, Feb 26 high. A break would allow for a stronger corrective bounce leaving the 50-day EMA at 0.8742 exposed.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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