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100-DMA Proving Hard to.........>

EURO-STERLING TECHS
EURO-STERLING TECHS: 100-DMA Proving Hard to Overcome
EURGBP topped out at 0.8691 yesterday with the retracement extending to
0.8660/65. Despite this pullbacks have remained shallow and keeps the recent
uptrend intact. The 100-dma now becomes key resistance at 0.8696, while a close
above would cement the uptrend and put the focus back on the Mar 21 high at
0.8723. Further resistance is located from the Feb 1 high & 200-dma at
0.8793/97. Bears need a break back under the May 13 low & 21-dma, before
challenging the 0.85 level & ytd lows at 0.8472.

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