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EURO-STERLING TECHS: Downtrend Likely To Resume
*RES 4: 0.8869 High Oct 11
*RES 3: 0.8787 Low Sep 20 and former breakout point
*RES 2: 0.8751 High Oct 15 and key near-term resistance
*RES 1: 0.8717 High Oct 16
*PRICE: 0.8612 @ 09:18 GMT Oct 22
*SUP 1: 0.8579 Low Oct 21
*SUP 2: 0.8576 Low Oct 17
*SUP 3: 0.8558 Low May 8
*SUP 4: 0.8491 Low May 6 and major support
EURGBP remains bearish. The 0.8600 support is under pressure and we are still
looking for a close below it to reinforce current trend conditions. The candle
patterns on Oct 16/17 are also still being closely monitored. On both these
days, long-legged doji formations unfolded. This is an early sign the cross may
be basing however, a convincing breach of resistance at 0.8751 is required to
reinforce this. Until then, the trend remains down with scope for 0.8491.