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Gbp0.8980 Support Keeps Cross Buoyed But Holds Below Its 10-dma

EURO-STERLING
MNI (London)

EUR/GBP found support at Gbp0.8980 in month end trade last Friday, which happened to correspond to the base of the rate's 1.0% 10-dma envelope. The level contained the base through the beginning of this week before rate edged away but recovery has so far failed to push back above the 10-dma (by time currently at Gbp0.9045. Whilst rate holds below this level seen keeping the underlying bearish tone in place, which keeps the envelope base exposed, by time, currently coming through at Gbp0.8954, the the Gbp0.8980 level needs to be navigated first.

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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