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Earlier pressure on the EUR, market...>

EURO-STERLING
MNI (London)
EURO-STERLING: Earlier pressure on the EUR, market reaction to German Court
ruling on ECB's PSPP, saw the cross clear below its key technical 10-dma before
easing to a low of Gbp0.8690. Recovery effort to Gbp0.8730 held just under the
10-dma(currently at Gbp0.8735) and seen keeping the tone bearish. Rate met
support ahead of Gbp0.8700 on the pullback with ECB comments on the German court
ruling providing the EUR with some respite which has allowed the cross to nudge
back up to Gbp0.8720. Support now seen at Gbp0.8700-0.8690 ahead of the base of
the 1.0% 10-dma envelope at Gbp0.8648. A break back above the 10-dma now needed
to ease the bearish feel. 
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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