Having been repulsed from the.........>

EURO-STERLING: Having been repulsed from the topside of its 2.0% 10-dma envelope

at Gbp0.9190 on Tuesday to make a show back inside the 1.0% envelope Wednesday,

as it touched a pullback low of Gbp0.9089, the cross edged back to hold most of

the day and into Thursday close to the topside of its 1.0% envelope. Fresh

pressure on sterling in late US trade (cable struggled to keep pace with

EUR/USD's recovery) allowed rate to push up to Gbp0.9148 into Thursday's close,

with the by-election loss overnight, which has cut Johnson's majority in

Parliament to just 1, took rate onto Gbp0.9168. Rate has since settled around

Gbp0.9150 in early Europe.

- Topside of the 1.0% envelope currently comes through at Gbp0.9141, 2.0%

topside 0.9231, with interim resistance noted at the YTD day of Gbp0.9190. A

clear below Gbp0.9141 to expose Gbp0.9089 ahead of the 10-dma at Gbp0.9050.