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EURGBP briefly made a show above the.......>

STERLING
STERLING: EURGBP briefly made a show above the Gbp0.89 level yesterday, before
bullish exhaustion saw the cross fade back towards Gbp0.8850/55 around the close
(Gbp0.8851 - 100-hma). Rate improved to Gbp0.8870 in early Europe and
consolidates gains at typing.
- GBPUSD trades 20 pips either side of the $1.27 level with topside focus on a
break of the May 27 high & 21-dma at $1.2753/61.
- BOE Ramsden speaks at 0745GMT. UK Services PMI due at 0830GMT, seen as most
key of the PMI set. Increased interest will be on this number following the
disappointing Mfg PMI released Monday. UK PMI is expected to increase slightly
to 50.6 in May after a reading of 50.4 in April. The index fell below 50 in
March after remaining above this threshold since August 2016.

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