Free Trial

Support Holds For Now

EURGBP TECHS
  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8778 High Nov 16
  • RES 1: 0.8655 50-day EMA
  • PRICE: 0.8601 @ 06:00 GMT Dec 14
  • SUP 1: 0.8550/47 200-dma / Low Dec 1 and bear trigger
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8449 1.236 proj of the Oct 12 - 31 - Nov 9 price swing

EURGBP remains in consolidation mode and price is trading just ahead of support at 0.8550/47, the 200-dma and Dec 1 low. Weakness through this zone would take the cross to its lowest levels since late August. A break would also resume the downtrend and pave the way for a move towards 0.8522 initially, the Aug 30 low. On the upside the 50-day EMA, at 0.8655, marks a key short-term resistance. A break would ease the bearish threat.

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.