MEXICO: Analysts Expect 25bp Banxico Rate Cut in November – Citi Survey
* Analysts expect Banxico to deliver another 25bp rate cut to 7.25% at the next MPC meeting on Nov...
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EURGBP TECHS: Bullish Structure
- RES 4: 0.8800 Round number resistance
- RES 3: 0.8769 High Jul 28 and the bull trigger
- RES 2: 0.8744 High Aug 7
- RES 1: 0.8729 High Sep 19
- PRICE: 0.8722 @ 20:01 BST Sep 19
- SUP 1: 0.8643/8597 50-day EMA / Low Aug 14 and the bear trigger
- SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 3: 0.8540 Low Jun 30
- SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg
Recent weakness in EURGBP has been corrective and last week’s recovery confirmed the end of the corrective phase. Support to watch lies at 0.8597, the Aug 14 low. Clearance of this level would cancel a bull theme and reinstate a recent bearish threat. For bulls, the resumption of gains opens 0.8744, the Aug 7 high. Key resistance and the bull trigger is at 0.8769, the Jul 28 high. First support is 0.8643, the 50-day EMA.
GBPUSD TECHS: Approaching A Trendline Support
- RES 4: 1.3893 1.236 proj of the Aug 1 - 14 - Sep 3 price swing
- RES 3: 1.3789 High Jul 1 and key resistance
- RES 2: 1.3753 High Jul 2
- RES 1: 1.3661/3726 High Sep 18 / 17
- PRICE: 1.3468 @ 19:58 BST Sep 19
- SUP 1: 1.3463 Low Sep 19
- SUP 2: 1.3433 Trendline support drawn from the Aug 1 low
- SUP 3: 1.3333 Low Sep 3
- SUP 4: 1.3142 Low Aug 1 and a key support
A bullish theme in GBPUSD remains intact and the move down from last Wednesday’s high is considered corrective - for now. However, the pair has traded through the 50-day EMA and this signals scope for a deeper retracement. The next support to watch lies at 1.3449, a trendline support drawn from the Aug 1 low. For bulls, a resumption of gains would refocus attention on key short-term resistance at 1.3726, the Sep 17 high.
EURUSD TECHS: Monitoring Support
- RES 4: 1.2063 2.236 proj of the Feb 28 - Mar 18 - 247 price swing
- RES 3: 1.2000 Round number resistance
- RES 2: 1.1923 2.00 proj of the Feb 28 - Mar 18 - 247 price swing
- RES 1: 1.1919 High Sep 17
- PRICE: 1.1748 @ 19:44 BST Sep 19
- SUP 1: 1.1727/64 20- and 50-day EMA values
- SUP 2: 1.1574 Low Aug 27
- SUP 3: 1.1528 Low Aug 5
- SUP 4: 1.1392 Low Aug 1 and bear trigger.
The trend theme in EURUSD remains bullish and S/T weakness is considered corrective. Resistance at 1.1743, the Aug 22 high, has recently been cleared, reinforcing a bull cycle. Gains in the first half of last week resulted in a climb above 1.1829 the Jul 01 high and bull trigger. Clearance of this hurdle confirms a resumption of the primary uptrend and opens 1.1923 next, a Fibonacci projection. Support to watch is1.1664. the 50-day EMA.
