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Made a show above Gbp0.8900 in........>

EURO-STERLING
MNI (London)
EURO-STERLING: Made a show above Gbp0.8900 in early Europe Monday before rate
reversed, traded through Friday's low of Gbp0.8857 to Gbp0.8850, finding
resistance at Gbp0.8860 ahead of the close. UK press highlighted the apparent no
progress in talks between PM Johnson and EU officials Monday which influenced
the cross up to Gbp0.8871. Early Europe pressed the rate down to Gbp0.8851, in
what looked to be pre 0800BST fix activity before rate bounced sharply to
Gbp0.8880. Move back into the 1.0% 10-dma envelope (base currently comes through
at Gbp0.8843, 200-dma Gbp0.8841) will now expose the 10-dma, current Gbp0.8932,
with interim resistance remaining at and above Gbp0.8900. Whilst rate remains
below the 10-dma seen keeping the recent bearish tone in place. Brexit
developments remain key for direction. 
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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