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GBP/USD Struggles to Track EUR/USD Lift, Sees EUR/GBP Back Above Gbp0.8900

EURGBP
MNI (London)
  • Rejection away from EUR/GBP's key technical 10-dma Wednesday (high Gbp0.8938, 10-dma Wednesday Gbp0.8940) seen keeping GBP's underlying tone buoyant.
  • Cross dropped back to Gbp0.8890 into Wednesday's 1600GMT fix, holding back around Gbp0.8900 into the close.
  • Early EUR/USD demand into Europe saw rate break its resistance at $1.1930 but move failed to lift GBP/USD through its resistance at $1.3398(though trading firm at writing). This has seen EUR/GBP edge back to GBP0.8912.
  • The 10-dma has eased to Gbp0.8932 and while rate holds below keeps GBP buoyed(with support noted between Gbp0.8870/60 ahead of the base of its 1.0% 10-dma envelope at Gbp0.8842). A break of 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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