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Cross managed to extend its...........>

EURO-STERLING
MNI (London)
EURO-STERLING: Cross managed to extend its corrective pullback away from last
Friday's high of Gbp0.8792 to Gbp0.8727 in Asia, with early demand into Europe
seeing rate perform a minor jump back to Gbp0.8738. Rate currently trades around
Gbp0.8734. As mentioned in recent sessions the cross has been respecting its
1.0% envelope, drawn around the 10-dma, the pullback seen easing toward its
10-dma, which by time has edged up today to Gbp0.8717. A break of this level
would then bring the base of the envelope into play, today at Gbp0.8630.
However, we have month-end approaching which often sees decent demand for the
cross emerge. Topside of the envelope has moved up to Gbp0.8805. ECB
announcement/Draghi press conference along with UK politics to influence.   
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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