TECHS: A look at the intraday FX trend........>

FOREX: TECHS: A look at the intraday FX trend component based on our model-based

directional signal highlights the following points:

- EURUSD signal is bullish and has been so since Dec 23. Importantly a key risk

parameter at 1.1080 has remained intact and EURUSD is firmer this morning.

1.1080 marks a key S/T risk parameter.

- Cable signal is bullish and has been so since Dec 27. This signal is failing

to deliver the expected upside with Sterling under pressure this morning. A

bearish signal however has not yet been triggered although if weakness continues

to dominate, a shift would be expected relatively soon.

- EURGBP is bullish and has been so since Dec 12. The cross is firmer today and

importantly has cleared a key trendline resistance at 0.8544 drawn off the Aug

12 high. The cross is expected to remain bid however, note that from a very

short-term perspective today's move may already be somewhat overstretched and

follow through could be difficult to maintain just now. (1/2)