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Bear Trigger Probed *RES 4:.....>

EURO-STERLING TECHS: Bear Trigger Probed
*RES 4: 0.8988 High Mar 30
*RES 3: 0.8911 High Apr 1
*RES 2: 0.8864/65 High Apr 21 / High Apr 7 and key near-term resistance
*RES 1: 0.8781 High Feb 23
*PRICE: 0.8746 @ 10:35 BST May 1
*SUP 1: 0.8671 Low Apr 30
*SUP 2: 0.8657 Low Mar 9
*SUP 3: 0.8621 Low Mar 5 and a key support
*SUP 4: 0.8570 76.6% retracement of the Feb - Mar rally
EURGBP inched through key support at 0.8682, Apr 14 low, Thursday. However the
cross has failed to follow through and is firmer today. For the bearish theme to
be cemented, a close below 0.8682 and, break of yesterday's 0.8671 low is
required. This would confirm a resumption of the current downtrend and open
0.8621, Mar 5 low. On the upside, key resistance remains 0.8865, Apr 7 high
which represents a short-term hurdle for bulls. Initial resistance is at 0.8781.

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