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Market perception that the UK has.....>

EURO-STERLING
MNI (London)
EURO-STERLING: Market perception that the UK has moved away from a Hard Brexit
scenario has boosted sterling, allowed EUR/GBP to extend its corrective pullback
lows to Gbp0.8618 early Friday, with recovery effort capped just above Gbp0.8680
during early NY trade. Rate closed the week around Gbp0.8640. Trade in Asia
marked an early high of Gbp0.8664 in thin conditions (Australia Day) before it
dropped away to Gbp0.8636 as Tokyo opened. Rate then settled around Gbp0.8650
before it picked up fresh demand into early Europe. Rate currently trades around
Gbp0.8660. Rate has been trading outside of the base of its 1.0% 10-dma envelope
for the past week, the base currently comes through at Gbp0.8670. The 2.0%
10-dma envelope base currently at Gbp0.8582. Resistance seen at Gbp0.8665 ahead
of Gbp0.8681 and Gbp0.8700. Support Gbp0.8636, Gbp0.8618. 
- UK focus this week on aforementioned Brexit votes in the Commons, BoE Carney,
Broadbent & Ramsden speak today. Mfg PMI Friday.  
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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