Bearish Trend Resuming *RES.....>

EURO-STERLING TECHS: Bearish Trend Resuming

*RES 3: 0.8988 High Mar 30

*RES 2: 0.8911 High Apr 1

*RES 1: 0.8864/65 High Apr 21 / High Apr 7 and key near-term resistance

*PRICE: 0.8747 @ 16:34 BST Apr 23

*SUP 1: 0.8709 Low Apr 23

*SUP 2: 0.8682 Low Apr 14 and bear trigger

*SUP 3: 0.8657 Low Mar 9

Prices fell through the Tuesday lows at the midway point of the European

session, prompting the cross to resume the downward trend that had been called

into question on the rally up to 0.8863. For the bearish theme to be cemented,

the cross needs to clear support at 0.8682 to expose 0.8621 again, Mar 5 low.

Key resistance remains at 0.8865, Apr 7 high which represents a short-term

hurdle for bulls. A break is required to suggest scope for stronger recovery

opening 0.8911, Apr 1 high and potentially beyond.