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Early Europe pressure on sterling.....>

EURO-STERLING
MNI (London)
EURO-STERLING: Early Europe pressure on sterling allowed the cross to make a
show above its 100-dma (Gbp0.8936), having closed below Wednesday(Gbp0.8930).
Rate touched a high of Gbp0.8940 but momentum quickly faded and it has since
eased off to Gbp0.8930. Resistance seen at Wednesday's high of Gbp0.8951 ahead
of Tuesday high of Gbp0.8974. Support Gbp0.8905/00. Cross remains within the
lower part of its 10-dma 1.0% envelope, the base currently coming in at
Gbp0.8900 whilst the 10-dma sits at Gbp0.8989. While rate holds below the 10-dma
it keeps the base of the envelope in view. 
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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