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Oil Erases Early Losses on Supply Scramble

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Cable: Asia open $1.2804, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.2804, range $1.2797-1.2810. Europe open
$1.2810, range $1.2794-1.2817. 
* Eur/Gbp: Asia open Gbp0.9210, range Gbp0.92045-0.9220. Europe open Gbp0.9210,
range Gbp0.9195-0.9213.
* Cable slowly edged higher through Asia from an early low of $1.2797 to
$1.2810. Held firm into Europe.
* Eur/Gbp managed to extend its corrective pullback from Wednesday high of
Gbp0.92365 to Gbp0.9189 Thursday.
* Cross pared losses in NY, edged to Gbp0.9231 then settled around Gbp0.9220
into close.
* Rate touched an early high of Gbp0.9222 in Asia then extended easing to
Gbp0.9205 before it settled around Gbp0.9210 into Europe.
* Cable extended recovery to $1.2813 early Europe, as Eur/Gbp dipped to
Gbp0.91975. 
* Cable dropped back to $1.2796 then rallied late morning to $1.2820.
* Resistance seen into $1.2840, stops on break. Support $1.2790/70.  
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com