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Cross struggled again to make.........>

EURO-STERLING
MNI (London)
EURO-STERLING: Cross struggled again to make progress above Gbp0.8750, the rate
touched a high on Asia of Gbp0.8752 before drifting off to Gbp0.8740 in early
Europe. However, as cable again tracks EUR/USD slippage so the cross edges back
to Gbp0.8745. Support in the cross seen into the early Asian low of Gbp0.8720
ahead of last week's low of Gbp0.8713. Ichimoku cloud base today at Gbp0.8737
whilst the 1.0% envelope (10-dma) base has moved down to Gbp0.8679. If rate can
break above Gbp0.8755 to expose the 10-dma at Gbp0.8767 ahead of the cloud top
at Gbp0.8799. UK CPI Wednesday, UK Retail Sales Thursday and second reading of
Q2 GDP Friday provide data interest for the week. BOE Carney appears before the
TSC Tuesday with speeches due Thursday and Friday. Brexit headlines remain key
drivers for sterling. Next week and month-end approaches with likely EUR/GBP
demand to emerge. 
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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