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Meandering Through Early Trade

EQUITIES

E-Minis Challenging Wednesday’s Peak

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EURO-STERLING
MNI (London)
EURO-STERLING: Monday's break back above the key technical 10-dma saw rate push
on to Gbp0.8518, though held shy of testing the top of its 1.0% 10-dma envelope
at Gbp0.8534. Asia kept the pressure on sterling, edged the recovery to
Gbp0.8520 before dropping back to Gbp0.8494 ahead of the European open. Fresh
sterling sales in Europe have taken the cross back to Gbp0.8516. While rate
holds above its 10-dma (by time has moved up to Gbp0.8452) it keeps the
underlying tone bullish, with the topside of its 1.0% envelope having moved to
Gbp0.8536. Envelope top is not a resistance in itself but rate tends not to like
moving outside, if it does break outside doesn't remain so for long. 
- Support Gbp0.8494, Gbp0.8480, Gbp0.8450. Resistance Gbp0.8520, Gbp0.8536/40,
Gbp0.8550/55. 
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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