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Another wave of GBP sales helping..........>

STERLING
STERLING: Another wave of GBP sales helping pressure GBP to new lows against
both the USD and EUR in recent trade. GBP/USD now printing the lowest levels
since Jun01, with EUR/GBP at the best levels since late March.
- Next support kicks in for GBP/USD at 1.2358, marking the 61.8% retracement of
the May 18 - Jun 10 rally followed by the Jun01 low at 1.2322.
- EUR/GBP has now topped the double-bottom projection at 0.9057, opening the 50%
Fib at 0.9086 as the next upside target.
- Using futures as a proxy, volumes have generally been thin so far today, with
the uptick in interest at 1100BST/0600ET failing to be sustained headed into the
final Wall Street open of the week.

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