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Focus Still on the Downside.....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Focus Still on the Downside
Despite a shallow move higher Monday, failure to build above 0.86 last week has
seen EURGBP drift between 0.86 and the 0.8550 area, keeping the recent downtrend
intact. Focus remains on the Feb 27 low at 0.8529, a break would see bears
target the 0.8500 level ahead of the 38.2% retracement at 0.8468. Bulls need to
recover the 0.87 level to improve the outlook and target prior range lows around
0.8750. Above here would bring the 100 & 200-dmas back into view at 0.8839/58.

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