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Cable: Asia open $1.3470, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3470, range $1.3450-83. Europe open
$1.3483, range $1.3468-1.3514. 
* Eur/Gbp: Asia open Gbp0.8800, range Gbp0.8791-0.8802. Europe open Gbp0.8792,
range Gbp0.87545-0.8800.
* Cable slowly extended its recovery in Asia to a high of $1.3484 into Europe,
as Eur/Gbp consolidated under Gbp0.8800.
* Eur came under pressure in Europe, break of Gbp0.8775 triggered stops that
took cross to Gbp0.8758.
* Move saw cable spike to $1.3514 but Eur/Usd slippage eventually weighed to
take cable back below $1.3500.
* Eur/Gbp bounced back to challenge broken support at Gbp0.8775. Level held and
rate dropped back to Gbp0.87545.
* Move allowed cable to recover to $1.3488, then settled around $1.3480 late
morning. 
* Strong support in Eur/Usd at $1.1810/09 kept Eur/Gbp in check as rate settled
around Gbp0.8770.  
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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