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Failure to build on its last..........>

EURO-STERLING
MNI (London)
EURO-STERLING: Failure to build on its last Thursday move above Gbp0.9000, the
rate also struggling into early Friday trade, led to it dropping back through
its key technical 10-dma (current at Gbp0.8941) to a low of Gbp0.8885. Recovery
efforts were capped at Gbp0.8920. Sterling continued to be a main beneficiary of
risk appetite which allowed the cross to extend its corrective pullback in Asia
(follow on risk reaction to Friday's US Jobs data) to Gbp0.8881. Whilst remains
below its 10-dma seen keeping the short term outlook bearish, as well as
exposing the base of its 1.0% 10-dma envelope, currently coming through at
Gbp0.8852. A move back above the 10-dma to negate this outlook. 
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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