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Cable: Asia open $1.3161, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3161, range $1.3113-62. Europe open
$1.3130, range $13070-1.3137.
* Eur/Gbp: Asia open Gbp0.8853, range Gbp0.8858-0.88675. Europe open Gbp0.8861,
range Gbp0.8861-0.8900.
* Cable eased Thu to $1.3150, tracked Eur/Usd slippage on ECB dovish taper,
though Eur/Gbp ease diverted some pressure.
* Cable extended lows in Asia to $1.3113, again tracked Eur/Usd as this rate
eased to $1.1625 support.
* Cable edged back to $1.3140 before it settled around $1.3130 into Europe.
Eur/Gbp edged above Gbp0.8860 then consolidated.
* Sterling was on the defensive in Europe, Eur/Gbp extended its recovery to
Gbp0.8900.
* Move saw triggering of algo stops through $1.3110 then $1.3090 before cable
met support at $1.3070.
* Brexit concerns and end expected month end Eur/Gbp demand has sterling on back
foot. BOE MPC rate hike next week seen in the price. 
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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