MARKET TALK: EUR/GBP Upside Limited To 0.8409 Resistance

EUR/GBP upside limited to 0.8409 resistance as action remains rangebound within a pennant/rectangle pattern. Monday's push above 0.8336 tempered the sharp setback from 0.8400, and additional choppy directionless trading is expected between 0.8265 and 0.8409. Tuesday's Asian session high at 0.8382 protects the strong 0.8400/09 resistance area. A clean break below 0.8335 would bring the February 16 reaction low at 0.8278, and the range floor at 0.8265. EUR/GBP is at 0.8352. -By Francis Bray, Dow Jones Chief Technical Analyst For Europe.