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Trendline Resistance Remains Intact

  • RES 4: 0.9107 High Oct 23
  • RES 3: 0.9064 1.0% 10-dma envelope
  • RES 2: 0.9037/69 Trendline drawn off the Sep 11 high / High Nov 5
  • RES 1: 0.9004 High Nov 12
  • PRICE: 0.8927 @ 16:30 GMT Nov 18
  • SUP 1: 0.8903/8861 Low Nov 12 / Low Nov 11 and the bear trigger
  • SUP 2: 0.8830 Low May 15
  • SUP 3: 0.8803 Low May 13
  • SUP 4: 0.8748 61.8% retracement of the Feb - March Rally

EURGBP is trading lower this week. The cross rallied sharply higher on Nov 12, extending the recovery from the Nov 11 low of 0.8861. Although this recent sharp bounce displays some reversal features, the move higher is likely a correction. A break of trendline resistance at 0.9037, drawn off the Sep 11 high is required to signal a reversal. Key support has been defined at 0.8861, Nov 11 low. A break would resume the current downtrend.

MNI London Bureau | +44 203-865-3809 |

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