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Back Above GBP0.8700 as GBP Comes Under Pressure into the 0800BST fix.

EURGBP
MNI (London)
  • GBP under pressure in early Europe, GBP/USD extending away from Thursday's highs above $1.3800, which has seen EUR/GBP edge back above Gbp0.8700.
  • Interesting moves ahead of the 0700GMT/0800BST fix will wait to see how this evolves.
  • EUR/GBP remains within its key 1.0% 10-dma envelope though the topside is moving into view at Gbp0.8739.
  • Support noted at Gbp0.8680/70, ahead of Apr13-12 lows at Gbp0.8641/40.
  • Resistance noted into Gbp0.8720 ahead of the mentioned Gbp0.8739 level, apart from currently being the top of the 1.0% envelope is also the high from Feb16 and Feb05.
  • BOE Cunliffe and Woods speak at 0900GMT.
  • MNI Techs: EURGBP remains in a consolidation mode, seen as a pause in the current uptrend. A bullish outlook remains intact. This theme follows recent gains and a bullish engulfing reversal pattern on Mar 6. The cross has traded above a key resistance at 0.8646, Mar 24 high and above the 50-day EMA. An extension higher would open 0.8731, Feb 26 high where a break would strengthen the current bull cycle. Initial support is at 0.8640, Apr 12 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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