Free Trial

Trend Condition Remains Bearish

  • RES 4: 0.8784 Trendline resistance drawn from the Feb 3 high
  • RES 3: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8658 High Jun 28 and a short-term bull trigger
  • PRICE: 0.8592 @ 05:52 BST Jul 4
  • SUP 1: 0.8576/36 Low Jun 30 / Low Jun 23
  • SUP 2: 0.8518 Low Jun 19 and the bear trigger
  • SUP 3: 0.85008 1.0% 10-dma envelope
  • SUP 4: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle

The primary trend direction in EURGBP is down and recent short-term gains are considered corrective. Key near-term resistance has been defined at 0.8658, the Jun 28 high. Clearance of this level would resume the recent uptrend and signal scope for a stronger correction towards 0.8719, the May 23 high. On the downside, the bear trigger lies at 0.8518, where a break would confirm a resumption of the downtrend.

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.