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Cable: Sep5 Asia open $1.2924,.....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Sep5 Asia open $1.2924, range $1.2920-40. Europe open
$1.2933, range $1.2908-39.
* Eur/Gbp: Sep5 Asia open Gbp0.92015, range Gbp0.92015-0.92125. Europe open
Gbp0.9204, range Gbp0.9182-0.92125.
* Recovery off early Asia low of $1.2921 met resistance at $1.2934(NY hourly
high) then drifted off to $1.2920.
* Another recovery, eventually broke $1.2934 then met fresh resistance at
$1.2940 into Europe.
* Large Gbp0.9200 expiry (E1.55bn) saw cross anchored close by, while cable
continued to meet stiff resistance at $1.2940. 
* Strong sell off in the Eur pressed cross to Gbp0.9182 then recovered above
Gbp0.9190.
* Recovery then saw cable track Eur/Usd slippage to $1.2908, soft UK Services
PMI added weight, then recovered to $1.2920/30. 
* Sterling continues to experience an underlying buoyant tone, but struggles to
make upside gains. 
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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