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Corrective pullback away from.........>

EURO-STERLING
MNI (London)
EURO-STERLING: Corrective pullback away from Monday's react high of Gbp0.8902(on
Boris Johnson Cabinet resignation) saw rate pullback to Gbp0.8820 Tuesday before
it edged back to Gbp0.8859 in NY. Cross consolidated between Gbp0.8839-52 in
Asia, trades around Gbp0.8845 in early Europe. Rate currently holds within the
upper banding of the 1.0% envelope, drawn around the 10-dma, the 10-dma
currently coming through at Gbp0.8842, the topside of the envelope at Gbp0.8931.
Whilst this continues it should favour the upside but this cross has been
providing several technical false break outs of late with many holding back
until we see a trend emerging. Support at Gbp0.8820, more into Gbp0.8800. 1.0%
envelope base currently at Gbp0.8754. Resistance Gbp0.8860, Gbp0.8875 ahead of
Gbp0.8902. 
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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