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STERLING SUMMARY: Asia open $1.3384, range $1.3369 - $1.3385, Europe open
$1.3382, range $1.3357 - $1.3396.
* After trading quietly overnight, sterling gained following final revisions to
Q3 GDP which saw underlying strength in investment, production and construction
components (see MNI Main Wire at 0941GMT) and resulted in GBP/USD being bid up
to $1.3397 before paring.
* Q4 GDP final reading was unrevised at 0.4% Q/Q but revised upwards to 1.7%
Y/Y. Household spending was revised lower, but still recorded the strong growth
since Q3 of last year.
* Tech resistance in GBP/USD noted between $1.3390/1.3400, with a break to
expose the stronger level of $1.3420.
* Of note, option expiries lie at $1.3485(Gbp338mn) in GBP/USD and
Gbp0.8750-55(E455mn) and Gbp0.9000(E333mn) in EUR/GBP.