Got an added shove lower into.........>

EURO-STERLING: Got an added shove lower into Europe, after rate had continued

the corrective pullback from Tuesday's spike high of Gbp0.8798, though at a

slower pace, touched Gbp0.8743 before rate dropped on to Gbp0.8733. Tuesday's

rally was seen initiated around 0800BST, topped out initially at Gbp0.8790 into

the 0900BST fix before it edged on to Gbp0.8798. After the 1315BST ECB fix rate

begun its correction, eased to Gbp0.8755 in NY. Novartis selling its joint

venture share in consumer health to GSK in a $13bn cash deal was linked to the

sharp move higher Tuesday, though market had been on watch for the usual

month-end cross demand from a certain European sovereign name. Some consider the

move lower after the ECB fix suggests month-end interest from this party may

have been concluded, however traders remain on watch into Thursday's fixes.

Cross support seen into Monday/Friday lows of Gbp0.8717/10, a break to expose

next band of support at Gbp0.8695/85. The 1.0% envelope, drawn around the

10-dma, has moved down to Gbp0.8675 with the post BOE MPC low of Gbp0.8668 close

behind.