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EURO-STERLING TECHS: Retreats From Channel Top:
*RES 4: 0.9015 High Sep 9
*RES 3: 0.8975 High Sep 13
*RES 2: 0.8940 Channel resistance drawn off Aug 12 high
*RES 1: 0.8905 Intraday High
*PRICE: 0.8882 @ 15:46 GMT Sep 30
*SUP 1: 0.8832 Low Sep 30
*SUP 2: 0.8803 Low Sep 25
*SUP 3: 0.8787 Low Sep 19 and bear trigger
*SUP 4: 0.8772 Low May 22
After inching higher Friday and breaching 0.8894, the Sep 19 high, EUR/GBP
retreated in the Monday session, with the bearish trend targeting a return to
the recent low at 0.8787, Sep 20 low. A channel break out would alter the
picture signalling a trend reversal. To the upside, bear channel resistance
drawn off the Aug 12 high is at 0.8940 and represents the key hurdle for bulls
and primary resistance.