Free Trial

Trend Signals Point North

EURGBP TECHS
  • RES 4: 0.8852 50.0% retracement of the Mar ‘20 - Mar ‘22 bear leg
  • RES 3: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 2: 0.8721 High May 26 2021 and Jun 15
  • RES 1: 0.8634 High Jun 16 and the bull trigger
  • PRICE: 0.8582 @ 06:17 BST Jun 22
  • SUP 1: 0.8512 Low Jun 16
  • SUP 2: 0.8499 50-day EMA
  • SUP 3: 0.8433 Low May 23
  • SUP 4: 0.8393 Low May 17 and a key support

EURGBP is trading in a tight range. Recent weakness is considered corrective and the outlook is bullish. The recent breach of resistance at 0.8619, May 12 high, confirmed a resumption of the current uptrend. Moving average studies continue to point north too, highlighting a bullish outlook. The focus is on a retest of 0.8721, the Jun 15 high and bull trigger. A break would resume the uptrend. Firm support is seen at 0.8499, the 50-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.