What to make of EURGBP? The.....>

EURO-STERLING TECHS: What to make of EURGBP? The cross is benefitting from

EURUSD rallying and Cable that remains subdued. Friday saw the cross breach a

key resistance at 0.8592, the Dec 23 high.

- This is an important swing in the daily chart. It highlights a clear reversal

of the Aug - Dec downtrend.

- More importantly though from a M/T perspective, the move higher marks a

failure in Dec and Feb to clear the base of a broad range the cross has been

trading within since peaking at 0.9415 in Oct 2016.

- Early indications are that if indeed this is a key reversal, the chances of a

M/T recovery to 0.9000 and the top of the range around 0.9300 have increased

over the past week.

- Key M/T support lies at 0.8277, the December low.