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EURO-STERLING TECHS: YTD Lows Still in View
The rate briefly dipped below 0.85 in early Asia-Pac trade before finding some
support ahead of YTD lows. The broader downtrend remains intact following
Friday's firmer GBP and a close below 0.85 would open the YTD lows printed in
mid-March at 0.8473. Any fall through here would see key Fib support tested at
the 0.8469 level, marking the 38.2% retracement of the 0.6938 - 0.9415 range. To
the upside, bulls need to recover the 55-dma at 0.8602 before returning the
focus to the Apr 23 high and 0.8700 level.