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EURO-STERLING TECHS: Further Fall Now Has Stg0.8775-85 Barring Way To Recovery
*RES 4: Stg0.8874 Mar 15 high
*RES 3: Stg0.8850 Mar 12 low, now resistance
*RES 2: Stg0.8817/25 Mar 19 high, Mar 15 low
*RES 1: Stg0.8775/85 Hourly resistance
*PRICE: Stg0.8736 @1524GMT
*SUP 1: Stg0.8723 Intraday low
*SUP 2: Stg0.8717 Feb 1 low
*SUP 3: Stg0.8687 Jan 25 low
*SUP 4: Stg0.8653 2% volatility band
*COMMENTARY* The fallout from the failure to deal with the top of the congested
trading area that has prevailed for the last 6 months, has continued with a
vengeance this week. The loss of Stg0.8815 was followed by a further move below
Stg0.8779-Stg0.8771. With today's loss of Stg0.8732 this leaves the Feb 1 low at
Stg0.8717 protecting the range base at Stg0.8687. In the meantime, resistance
from Stg0.8775-Stg0.87855 keeps a lid on near term recovery potential.