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Earlier failure toward................>

EURO-STERLING
MNI (London)
EURO-STERLING: Earlier failure toward Gbp0.8711(38.2% 0.8863-0.8618) saw rate
drop back to Gbp0.8656 in early NY before it recovered back to the area around
Gbp0.8700. Despite the corrective pullback the rate managed to hold inside of
its technically key 1.0% 10-dma envelope, currently coming through at Gbp0.8654.
Rate currently trades around Gbp0.8695 as markets await the start of UK
Parliament amendment voting, due to begin around 1900GMT. Lot of interest in
Yvette Cooper's amendment proposal, which would basically take a No-deal Brexit
off the table. Interest also in the Brady amendment which would look to replace
the current Ireland Back stop with another proposal, no details given. Support
now seen at Gbp0.8654/50 ahead of the recent low of Gbp0.8618(Jan25). Resistance
Gbp0.8711 ahead of Gbp0.8740/50.  
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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