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EUR carry unwinds played a major......>

EURO-STERLING
MNI (London)
EURO-STERLING: EUR carry unwinds played a major part in EUR/GBP strong rally
Thursday, the rate having held outside of its 1.0% 10-dma envelope extended the
move before momentum faded at the top of its 2.0% 10-dma envelope, which by time
had edged to Gbp0.8543. Rate continues to hold toward this line, trade through
Asia contained by Gbp0.8522-53, the 2.0% envelope top by time has edged to
Gbp0.8568 (the envelope parameters will move in reaction to the 10-dma, which
being a short term MA will react to intraday moves). Month-end demand could also
have aided the move higher. 
- Support Gbp0.8520, Gbp0.8490/80, topside of the 1.0% envelope currently at
Gbp0.8484. 
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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