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BOE Carney comments on the merits.....>

EURO-STERLING
MNI (London)
EURO-STERLING: BOE Carney comments on the merits of short term stimulus knocked
sterling Thursday, took EUR/GBP back above its 10-dma to Gbp0.8533 before
correcting back, closing the day back under the 10-dma. Rate so far this morning
has traded around this level, currently coming through at Gbp0.8496, early
downside pressure into Europe extending the intraday low to Gbp0.8486 before it
bounced to Gbp0.8505. Rate currently trades around Gbp0.8502. 
- Support noted at GBp0.8486, Gbp0.8470, stronger into Gbp0.8455/50. Base of the
1.0% 10-dma currently at Gbp0.8411. 
- Resistance Gbp0.8533, Gbp0.8540/50 with top of the 1.0% envelope at Gbp0.8581.
- The Gbp0.8500 level holds the strike of expiring options at today's NY cut,
total E1.09bln, which may keep rate anchored close by. 
- BOE MPC Tenreyro speaks at 0930GMT. 
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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