Free Trial

Volatile But Still Bullish

EURGBP TECHS
  • RES 4: 0.9220 High Sep 22
  • RES 3: 0.919076.4% retracement of the Sep 11 - Nov 11 downleg
  • RES 2: 0.9162 High Oct 7
  • RES 1: 0.9142 High Dec 7
  • PRICE: 0.9073 @ 05:59 GMT Dec 8
  • SUP 1: 0.9029 Low Dec 7
  • SUP 2: 0.8983 Low Dec 4
  • SUP 3: 0.8963 Former trendline resistance drawn off the Sep 11 high
  • SUP 4: 0.8929 Low Dec 1

EURGBP is volatile but bullish and traded sharply higher Monday. The cross probed 61.8% of the Sep 11 - Nov 11 sell-off, at 0.9127. Stronger gains would open 0.9162, Oct 7 high. Last week's break of trendline resistance drawn off the Sep 11 high continues to highlight a bullish technical theme. On the downside, initial support lies at 0.9029, yesterday's low. A break would neutralise yesterday's bullish signal however note, key support is at 0.8968.

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.