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Medium-term Bearish,............>

EURO-STERLING TECHS
EURO-STERLING TECHS: Medium-term Bearish, Short-term Neutral
Bulls were able to clear up trendline support turned resistance around the
0.8700 level yesterday to strengthen the recovery and bring the Jan 17 low at
0.8764 into focus. However, we have retraced some of these gains today and the
outlook again appears short-term neutral but medium-term bearish. A break back
below 0.8700 would suggest a return to Friday's low of 0.8617. Below here would
open a run at the 0.85 level. To the topside, above 0.8764 opens the 200-dma at
0.8866.

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