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Tepid recovery: *RES 3:.........>

EURO-STERLING TECHS
EURO-STERLING TECHS: Tepid recovery:
*RES 3: 0.9130 1.0% 10-dma envelope
*RES 2: 0.9086 High Sep 4
*RES 1: 0.9031 High Sep 5
*PRICE: 0.8980 @ 18:02 BST Sep 6
*SUP 1: 0.8945 Intraday Low
*SUP 2: 0.8908/8892 50% retrace of May 6 - Aug 12 rally / Low Jul 25
*SUP 3: 0.8873 Low Jun 20
EURGBP selling pressure carried through well into the Thursday session,
reinforcing the recent bearish reversal. Friday's tepid recovery does little to
change this. With the trendline support drawn off the May 6 cleared and the
recent bear flag formation confirmed, the cross appears set to extend the
current slide. This is also supported by trend directional indicators that are
pointing south. The focus is on 0.8908/8892 next. On the upside, initial
resistance is at 0.9031 ahead of 0.9086.

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