Upside Momentum Fizzling Out....>

EURO-STERLING TECHS: Upside Momentum Fizzling Out

Some renewed upside momentum over the holiday weekend saw EURGBP move higher and

begin to approach Wednesday's high of 0.8681. This momentum has fizzled out this

morning but focus remains on the upside. A move above 0.8681 would strengthen

the uptrend, bringing the 0.8700 level and the March 23 high back into view at

0.8723. The 100-dma & 50% retracement of 2019 range are placed behind at

0.8755/91. To regain the upper hand bears look for a close below the 55-dma at

0.8631 before targeting a break of the 0.8600 handle. Below here would extend

the downtrend toward the Apr 5 low & 61.8% retracement level at 0.8557/54.