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Cross shied away from a challenge.....>

EURO-STERLING
MNI (London)
EURO-STERLING: Cross shied away from a challenge on the base of its 1.0% 10-dma
envelope on Tuesday, touched a low of Gbp0.8452 (1.0% envelope base Gbp0.8439)
before recovering through Thursday's session toward its 10-dma, touched
Gbp0.8514, extending on to Gbp0.8519 in Asia Friday though the 10-dma remains
untouched, currently at Gbp0.8525 by time. Whilst rate holds below this level it
keeps the current underlying bearish tone in place, a break of Gbp0.8525
(falling trend resistance off Oct10 high) to open a move back toward Gbp0.8550
ahead of Gbp0.8565, Gbp0.8582/92 and the top of the 1.0% 10-dma envelope at
Gbp0.8609.  
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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