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EURO-STERLING TECHS: Downside Pressure Resumes
The 55-dma finally gave way yesterday shifting the outlook firmly negative, with
bears now looking for a close below 0.8600. Below here would reignite downside
momentum toward the Apr 5 low & 61.8% retracement level at 0.8557/54. To the
upside, bulls look to push above the April 23 high at 0.8682 and return the
focus to the 0.8700 level. Above here would bring the March 23 high & 100-dma
back into view at 0.8723/35.