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Eventual break out on the downside....>

EURO-STERLING
MNI (London)
EURO-STERLING: Eventual break out on the downside of the Ichimoku cloud at
Gbp0.8783 Thursday allowed the cross to extend lows to Gbp0.8763 in NY, with
early Asia extending this move to Gbp0.8755 in early Asia. Rising trend support,
drawn from the Apr17 low of Gbp0.8621 comes through today at that mentioned low.
Rate retains a heavy feel into early Europe, currently around Gbp0.8759. If rate
can continue slippage next support noted between Gbp0.8729/27, below to expose
the GBp0.8705/03 area(61.8% Gbp0.8620-0.8843/1% envelope 10-dma). Resistance
noted at Gbp0.8771, Cloud base today at Gbp0.8782 with the 10-dma at Gbp0.8791. 
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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