Despite the soothing noises on........>

EURO-STERLING: Despite the soothing noises on US/China trade negotiations

sterling remains slightly on the back foot as attention is seen set on today's

BOE MPC rate monetary policy announcement, along with the Inflation Report and

BOE Carney. The cross, which had seen lows of Gbp0.8585 on Tuesday, has edged

its way back toward its key 10-dma, which currently comes through at Gbp0.8626.

Rate currently trades around Gbp0.8616, off an earlier posted recovery high of

Gbp0.8619. Whilst rate remains below the 10-dma seen keeping the downside in

favour with support remaining at Gbp0.8585 ahead of the base of the 1.0% 10-dma

envelope at Gbp0.8539.A break and close above the 10-dma to expose the topside

of the envelope, currently at Gbp0.8712 with interim resistance noted at

Gbp0.8650 ahead of Gbp0.8670/80.