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EURO-STERLING TECHS: Continues to Trade Heavy
The Wednesday close below the 0.86 level & 50-dma continues to exert downward
pressure on the pair, with the recent downtrend so far bottoming out at 0.8568.
The underlying tone remains heavy with next support at 0.8557/54 from the Apr 5
low & 61.8% retracement level. Below here opens the Apr 4 low at 0.8519, ahead
of a run at the psychological 0.85 handle. To the upside, bulls need to recover
the 55-dma at 0.8611, before returning the focus to the Apr 23 high and 0.8700