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EURJPY TECHS

Needle Still Points South

USDJPY TECHS

Resistance Remains Intact

FED

Reverse Repo Operation

FOREX

Softer Greenback Extends GBP Bounce

GBP/USD: open $1.3448, Asia........>

STERLING SUMMARY
STERLING SUMMARY: GBP/USD: open $1.3448, Asia range $1.3430 to $1.3456, Europe
range $1.3463 - $1.3511.
* Rebalancing away from the dollar lifted cable above the $1.35 handle for the
first time since Dec8. Resistance levels layered between $1.3450 and $1.35
proved ineffective, with illiquid conditions allowing the pair to climb
relatively quickly on little volume.
* The break above $1.35 hasn't been maintained ahead of the NY crossover and
previous resistance levels may offer some support.
* To the upside, Dec8 highs at $1.3521 lie above the handle, with projections
from $1.3062 eyeing the $1.3565 level.
* Early closes in UK fixed income and equity products may mean volumes will fade
sharply after the NY crossover, but German CPI at 1300GMT may keep traders at
their desks for a little longer.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com