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Cross was lifted to a high of.........>

MNI (London)
EURO-STERLING: Cross was lifted to a high of Gbp0.8890 in Asian trade, as the
EUR gained a general boost from the migration agreement at the EU Leaders
Summit. Move has prompted some comment that rate has now confirmed its break out
of its recent Gbp0.8650-0.8850 range, and being month-end could see further
upside progress. However, the presence of the topside of the 1.0% envelope,
drawn around the 10-dma, at Gbp0.8893 has some technical traders suggesting the
overnight move could lose momentum. Cross has eased back to Gbp0.8865 at
writing. Support is seen at the earlier Asian low of Gbp0.8838 ahead of
Gbp0.8808/05(Jun28 low/10-dma). Resistance Gbp0.8898(Mar12 high) and into
Gbp0.8900 ahead of Gbp0.8911(1.618% swing of Gbp0.8837-Stg0.8717).
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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