Free Trial

Still Looking For A Break Lower

EURGBP TECHS
  • RES 4: 0.8776 2.0% 10-dma envelope and high Feb 12
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8646/72 High Jun 1 / High May 25
  • PRICE: 0.8592 @ 16:23 BST Jun 14
  • SUP 1: 0.8565/61 Low Jun 4 / Low May 12
  • SUP 2: 0.8531 76.4% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8432 2.0% 10-dma envelope

EURGBP traded lower Friday and the cross is holding onto recent lows. Price action remains in a range though. From a trend perspective, the outlook is bearish. Initial firm resistance is at 0.8672, May 25 high and while this holds, attention is on 0.8561, May 12 low. A break would strengthen a bearish case and expose 0.8531, a Fibonacci retracement ahead of key support at 0.8472, Apr 5 low. For bulls, a move above 0.8672 alters the picture.urg

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.