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EURO-STERLING: Cross was shoved down to retest the Gbp0.8579/76 area of recent
lows as market reacted positively to the passage of the Withdrawl Bill in
Parliament last night, but snapped back to Gbp0.8645 as the Govt's timetable was
rejected. Markets will now watch to see how the EU will respond as this latter
vote makes it unlikely Brexit will be enacted on Oct31. Market expecting the EU
to allow for an extension, Jan31 2020 seen likely. Talk again emerges of no-deal
and/or a general election. Labour have said they will vote for a general
election if the EU grants an extension. Is a general election bad for sterling?
Most believe it could enable the Conservative party to gain a clear majority,
without need of DUP support.
- Current negative sterling feel allowed EUR/GBP to edge back into its 1.0%
10-dma envelope (base GBp0.8582) with the 10-dma at Gbp0.8669 the next
resistance. Rate extended recovery to Gbp0.8658 in Asia, eased to Gbp0.8632 in
- Brexit developments continue to drive sterling strength. PM Questions at
1100GMT in focus.