Free Trial

Uptrend Remains Intact

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8736 50.0% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8706 High Sep 26 and the bull trigger
  • PRICE: 0.8657 @ 07:57 BST Oct 16
  • SUP 1: 0.8624/16 50-day EMA / Low Oct 11 and the bear trigger
  • SUP 2: 0.8569 Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

EURGBP trend conditions remain bullish and the recent move lower appears to be a shallow correction. Support at the 50-day EMA, at 0.8624, remains intact for now. The cross needs to clear this average to suggest scope for a deeper pullback near-term. For now, attention is on the bull trigger at 0.8706, the Sep 26 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend.

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.