Free Trial

Unwinding An Oversold Trend Condition

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8663 50-day EMA
  • RES 1: 0.8636 High Jun 5
  • PRICE: 0.8563 @ 16:22 BST Jun 23
  • SUP 1: 0.8518 Low Jun 19 and the bear trigger
  • SUP 2: 0.8478 1.0% 10-dma envelope
  • SUP 3: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
  • SUP 4: 0.8408 Low Aug 24 2023

The primary trend direction in EURGBP remains down and the pullback Friday confirms recent gains as corrective. Resistance at the 20-day EMA has been breached. A continuation higher would expose the 50-day EMA at 0.8663. The medium-term trend outlook remains bearish and a break of 0.8518, the Jun 19 low, would confirm a resumption of the trend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.