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Bearish GBP momentum has been maintained...>

STERLING
STERLING: Bearish GBP momentum has been maintained despite overextended
intra-day indicators, with intra-day GBPUSD rebounds remaining extremely
limited. The undershoot of UK borrowing for FY2017/18 also appears to have given
GBP little comfort. Yesterday's close below the 1.3966 previous April low
confirms the bearish technical picture on the daily charts, opening the way
towards the 1.3855 100-dma and then the 1.3712 early March low. After the NZD,
GBP is the worst performing of the major currencies over the past week.
Corrective rebounds would have to achieve the 1.4030 level to stabilise the
near-term picture.

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