Free Trial

Trend Needle Points North

EURGBP TECHS
  • RES 4: 0.8814 High May 4
  • RES 3: 0.8768 High Nov 20 and key resistance
  • RES 2: 0.8716 76.4% retracement of the Nov 20 - Dec 11 sell-off
  • RES 1: 0.8699 High Dec 27
  • PRICE: 0.8696 @ 15:23 GMT Dec 27
  • SUP 1: 0.8618 Low Dec 20
  • SUP 2: 0.8571/8549 Low Dec 15 / 11 and the bear trigger
  • SUP 3: 0.8524 Low Sep 5
  • SUP 4: 0.8493 Low Aug 23 and a key support

EURGBP traded higher last week and the cross is holding on to its recent gains. Resistance at 0.8650, the 50-day EMA, has been cleared highlighting a stronger short-term reversal. This signals potential for a continuation of the bull cycle. Sights are on 0.8716 next, a Fibonacci retracement point. On the downside, key support is unchanged at 0.8549, the Dec 11 low. Initial support is seen at 0.8618, the Dec 20 low.

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.