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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Cable: Asia open $1.3076, range....>

MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3076, range $1.3060-83. Europe open
$1.3072, range $1.3068-1.3122.
* Eur/Gbp: Asia open Gbp0.8889, range Gbp0.8879-92. Europe open Gbp0.8883, range
* Friday NFP react saw cable spike to $1.3132 then dropped back to $1.3057
before it settled around $1.3080.
* Despite the pullback sterling performed better than the Eur, saw Eur/Gbp
pressed to a low of Gbp0.8873.
* Consolidation in Asian trading saw cable contained within a range of
$1.3060-83, Eur/Gbp between Gbp0.8879-92.
* Eur/Gbp was pressed lower in Europe, rate quickly broke under its Asian and NY
lows before it based at Gbp0.8842. 
* Move saw cable break backa bove $1.31, extended move to $1.3122 before it
settled back on the figure. 
* Following last week's BOE MPC rate hike focus seen on Brexit
developments(parliament short recess Wed-Fri).
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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