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EURO-STERLING: Cross reflects the current positive tone toward sterling as
market considers the outcome of tonight's UK Meaningful Brexit vote (begins
around 1900GMT). PM May's Bill currently looks set to fail with size of the
defeat becoming the determining factor for direction. A delay in Brexit seen
possible(market positive) with market favouring a softer Brexit outcome. Cross
traded to a low of Gbp0.8875 as sterling was given an added boost by talk that
the pro Brexit ERG had swung behind PM May. Denial saw those sterling gains
pared but the pound retained a buoyant feel as rate settled around Gbp0.8900.
The move to Gbp0.8875 did take cross outside the base of its 1.0% 10-dma
envelope, but as has been noted rate tends not to like being outside for long
before correcting. Level today comes in at Gbp0.8883.