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Free AccessEU Barnier comments Monday............>
EURO-STERLING: EU Barnier comments Monday suggesting an initial Brexit deal
possible within 6-8 weeks boosted sterling across the board and allowed EUR/GBP
to move below Gbp0.8900, as well as probe outside of its 10-dma 1.0% envelope.
Rate found support at Gbp0.8895(envelope base at time was Gbp0.8898) but had
recovered back above Gbp0.8900 into Monday's close. Continued sterling strength
in Asia allowed cross to extend the recent pullback to Gbp0.8890, the base of
the 10-dma 1.0% envelope easing down to Gbp0.8878 by time. Further support noted
between Gbp0.8860/50. UK Employment Report today at 0830GMT provides domestic
data interest. Whilst we see more conciliatory Brexit tones from EU it should
keep sterling buoyed, but headlines must be watched. Resistance Gbp0.8920.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.