Recovers Off Recent Lows *RES...>

EURO-STERLING TECHS: Recovers Off Recent Lows

*RES 4: 0.8911 High Apr 1

*RES 3: 0.8865 Apr 7 high and key resistance

*RES 2: 0.8817 50-dma

*RES 1: 0.8806 Intraday high

*PRICE: 0.8799 @ 10:31 BST May 4

*SUP 1: 0.8731 Low Apr 5

*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 inched through key support at 0.8682, Apr 14 low, last week. However the

cross has failed to follow through and is recovering instead, off recent lows. A

close below 0.8682 and, break of Thursday's 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. On the upside, key resistance remains 0.8865, Apr 7 high

which represents a S/T reversal point for bulls.