Free Trial

Trend Outlook Remains Bearish

EURGBP TECHS
  • RES 4: 0.8835 High May 3
  • RES 3: 0.8814 High May 4
  • RES 2: 0.8731 50-day EMA
  • RES 1: 0.8651/8677 High May 31 / 20-day EMA
  • PRICE: 0.8630 @ 15:46 BST Jun 5
  • SUP 1: 0.8567 Low Jun 1
  • SUP 2: 0.8562 Low Dec 13 2022
  • SUP 3: 0.8547 Low Dec 1 2022 and key support
  • SUP 4: 0.8522 Low Aug 30 2022

The EURGBP trend condition remains bearish despite the stabilisation on Monday. Last week, the cross printed a fresh 2023 low, at 0.8567 on Jun 1. Note too that the DMA space also signals downside momentum and a potential death cross (50-dma < 200-dma). The focus is on 0.8562 next, the Dec 13 low. The 14d RSI last week showed at technically oversold for the first time since March 2021 - a price reversal would signal scope for a correction. Initial firm resistance is at 0.8677 the 20-day EMA.

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.