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Cross extended its recent recovery,...>

EURO-STERLING
MNI (London)
EURO-STERLING: Cross extended its recent recovery, off its May06 low of
Gbp0.8490, to Gbp0.8778, moving further outside of its 1.0% 10-dma envelope, the
top of which today came through at Gbp0.8741. As mentioned in an earlier bullet,
this cross doesn't like to trade outside of this 1.0% parameter for too long,
usually holding within its 2.0% envelope which currently stands at Gbp0.8827.
Interim resistance seen at Gbp0.8790/0.8800. Sterling continues to bear the
brunt of USD strength mainly due to Brexit problems with cross party talks
between the Conservatives and Labour ending (though this shouldn't have come as
any major surprise). Focus has now turned to the next leader of the
Conservatives, after reports suggest PM May has agreed to step down by the end
of June, with Boris Johnson a suggested front runner.  
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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