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EURO-STERLING TECHS: Bullish Following Trendline Break
*RES 4: 0.8676 High Oct 24
*RES 3: 0.8658 High Nov 7
*RES 2: 0.8605 High Nov 22
*RES 1: 0.8596 Intraday high
*PRICE: 0.8555 @ 16:29 GMT Jan 14
*SUP 1: 0.8537 Former trendline resistance drawn off the Aug 12 high
*SUP 2: 0.8452 Low Dec 31 and near-term bear trigger
*SUP 3: 0.8356 Low Dec 17
*SUP 4: 0.8277 Low Dec 13 and key support
EURGBP is bullish. This condition was reinforced Monday following the break of
key trendline resistance at 0.8544. The trendline is drawn off the Aug 12 high
and the break represents a key bullish technical development plus, signals a
trend reversal of the decline that started on Aug 12. Furthermore, the breach
also signals an extension of the uptrend that began off the Dec 13 low. The
focus is on 0.8605 next, Nov 22 high and beyond. Support is at 0.8537.