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Cable: Asia open $1.3458, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3458, range $1.3427-61. Europe open
$1.3428, range $1.3364-1.3428.
* Eur/Gbp: Asia open Gbp0.87635, range Gbp0.8760-0.87735. Europe open Gbp0.8772,
range Gbp0.8763-99. 
* Eur/Gbp was capped below its recent pivot at Gbp0.8775 in Asia but level was
under pressure into Europe.
* Cable had drifted off its early Asia high of $1.3461 to $1.3427 into Europe.
* Cable touched $1.3422, recovered to $1.3428 before Eur/Gbp broke above
Gbp0.8775, traded to Gbp0.8799. 
* This rally in the cross pressed cable through $1.3400 and on to $1.3365.
* Eur/Gbp rejection from the Gbp0.8800 area relieved pressure on cable as rate
recovered to $1.3396. 
* Eur/Usd slippage then weighed on cable, as Eur/Gbp found support at Gbp0.8775,
eased cable to $1.3370.
* Break below Gbp0.8775 to Gbp0.8763 saw cable rally back but was meeting
resistance into $1.3399 late morning. 
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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