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EURO-STERLING TECHS
EURO-STERLING TECHS: Going Nowhere Fast
*RES 4: 0.8911 High Apr 1
*RES 3: 0.8865 Apr 7 high and key resistance
*RES 2: 0.8837 50-dma
*RES 1: 0.8814 High May 4
*PRICE: 0.8769 @ 16:28 BST May 7
*SUP 1: 0.8691 Low May 01 / 05
*SUP 2: 0.8671 Low Apr 30 and bear trigger
*SUP 3: 0.8657 Low Mar 9
*SUP 4: 0.8621 Low Mar 5 and a key support
EURGBP is marginally firmer. From a technical perspective, the cross remains
range bound. A probe last week of key support at 0.8682, Apr 14 low, failed to
deliver any follow through and price subsequently recovered off the lows. A
close below 0.8682 and a break of 0.8671 low is required to trigger a fresh
bearish move. This would confirm a resumption of the downtrend and open 0.8621,
Mar 5 low. Key resistance and the bull trigger remains 0.8865, the Apr 7 high.

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