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Cable: Asia open $1.3116, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3116, range $1.3105-33. Europe open
$1.3135, range $1.3085-1.3153.
* Eur/Gbp: Asia open Gbp0.8840, range Gbp0.8830-45. Europe open Gbp0.8834, range
Gbp0.8824-68. 
* Sharp reversal in the Nikkei weighed back initially on Usd/Jpy into Europe,
Usd sales helped influence cable up to $1.3153.
* Recovery off Wednesday lows of $1.3087 outpaced Eur/Usd, allowed Eur/Gbp to
extend its pullback to Gbp0.8824(off Gbp0.8863).
* Late morning attention then switched to Gbp/Jpy sales, as this cross caught up
it influenced sterling lower. 
* Cable pared all its recovery gains, touched $1.3085 late morning, but noted
strong support again encountered in this area.
* This sterling pullback saw Eur/Gbp drive up to a fresh high of Gbp0.8870. 
* Sterling remained on the defensive ahead of the NY open, weighed by political
turmoil during Brexit negotiations.
* Cable support $1.3085-70. Resistance $1.3150/55, $1.3175/80.   
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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