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EURO-STERLING TECHS
EURO-STERLING TECHS: Still Range Bound
*RES 3: 0.8865 Apr 7 high and key resistance
*RES 2: 0.8824 50-dma
*RES 1: 0.8814 High May 4
*PRICE: 0.8706 @ 16:38 BST May 5
*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
EURGBP traded weaker Tuesday as the single currency came under considerable
selling pressure. From a technical perspective, the cross is still range bound.
A probe last week of key support at 0.8682, Apr 14 low, failed to deliver any
follow through and did recover 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 remains
0.8865.

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