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Cross extended its recent recovery....>

EURO-STERLING
MNI (London)
EURO-STERLING: Cross extended its recent recovery rally, broke above Wednesday's
high of Gbp0.9017 to a high of Gbp0.9030 in Asia before it settled back below
Gbp0.9020(top side of the 10-dma 1.0% envelope) into Europe. Rate currently
trades around Gbp0.9013. With Brexit 'no-deal' concerns to the fore is seen
keeping pressure on sterling. Resistance remains at the extended Asian high of
Gbp0.9030, a break to expose tech resistance levels between Gbp0.9040/50. On the
technical side, the rate traded above the topside of the 10-dma 1.0% envelope,
but with time that has moved up to current level of Gbp0.9020. The cross tends
not to like being outside this envelope and often reverses away. For this to be
achieved sterling in need of some positive news. Support GBp0.9000, a sustained
break to relieve current upside pressure. 
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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