Gains Likely A Correction.......>

EURO-STERLING TECHS: Gains Likely A Correction

*RES 4: 0.8605 High Nov 22

*RES 3: 0.8596 High Jan 14 and bull trigger

*RES 2: 0.8554 High Jan 20

*RES 1: 0.8501 High Jan 22

*PRICE: 0.8459 @ 20:35 GMT Jan 29

*SUP 1: 0.8389 Low Jan 24

*SUP 2: 0.8356 Low Dec 17

*SUP 3: 0.8352 76.4% retracement of the Dec 13 - Jan 14 rally

*SUP 4: 0.8277 Low Dec 13 and key support

EURGBP is holding onto most of its recent gains following the bounce off

Friday's 0.8389 low. The outlook however remains bearish. Key support at 0.8452,

Dec 31 low was breached last week confirming a range breakout. Friday saw the

cross probe 61.8% of the Dec - Jan rally at 0.8399. Together, this highlights a

bearish theme. Attention is on 0.8356, Dec 17 low and the key support at 0.8277,

Dec 13 low. Initial resistance is at 0.8501.