Free Trial

Still Moving Sideways *RES 4:...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Still Moving Sideways
*RES 4: 0.8717 High Oct 16 and key near-term resistance
*RES 3: 0.8676 High Oct 24
*RES 2: 0.8630 High Nov 8
*RES 1: 0.8589 High Nov 13 and congestive resistance
*PRICE: 0.8565 @ 05:39 GMT Nov 22
*SUP 1: 0.8522 Low Nov 18
*SUP 2: 0.8491 Low May 6 and major support
*SUP 3: 0.8482 1.00 projection of Aug 12 - Sep 20 decline from Oct 10 high
*SUP 4: 0.8473 - Low Mar 13 primary support
EURGBP is unchanged with the cross consolidating but maintaining its broader
bearish theme. The break below 0.8576, Oct 17 low on Nov 11 confirmed a range
breakout and a resumption of the downtrend. Attention is on the next key support
at 0.8491, May 6 low. A break would open 0.8473, Mar 13 low. Note, a print of
0.8473 would represent a 100% retracement of the entire rally between Mar 13 -
Aug 12. Resistance is 0.8630, Nov 8 high. Still heavy for now!

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.