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Monday's pressure on sterling, as.....>

EURO-STERLING
MNI (London)
EURO-STERLING: Monday's pressure on sterling, as MPC Vlieghe added his voice to
the dovish camp, acted to take EUR/GBP to a high of Gbp0.8582, but managed to
hold within the topside of its 1.0% 10-dma envelope(Monday Gbp0.8586). By time
this envelope topside has moved up to Gbp0.8600 with another wave of sterling
sales into Europe's Tuesday session taking the rate on to Gbp0.8592(Dec23 high).
A break here to open a move toward the Gbp0.8600/05 resistance area, a break and
clear here to expose the topside of the 2.0% 10-dma envelope at Gbp0.8685.
However, though the 1.0% envelope is not a resistance level in itself the rate
struggles to hold outside for too long. The 10-dma currently comes through at
Gbp0.8515.  
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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