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A retreating EUR picked up momentum...>

EURO-STERLING
MNI (London)
EURO-STERLING: A retreating EUR picked up momentum into NY trade which countered
the earlier rise in EUR/GBP taking the cross off its high of Gbp0.8814 down to
Gbp0.8762. Move was seen mainly driven by EUR weakness rather than sterling
strength, the cross holding off a challenge on its key 10-dma(current
Gbp0.8747). Whilst rate holds above this latter level seen keeping the recent
underlying bullish tone in place as well as exposing the top of its 1.0% 10-dma
envelope, currently at Gbp0.8834. A break below to relieve this scenario. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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