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Rate marked a low of Gbp0.8825 in.....>

EURO-STERLING
MNI (London)
EURO-STERLING: Rate marked a low of Gbp0.8825 in early NY trade Friday before it
picked up stronger demand which extended the rate's recovery, off its Nov13 low
of Gbp0.8656, to Gbp0.8905. Move took rate outside of its 1.0% 10-dma envelope
(the rate normally not liking to be outside for too long, the topside of the
envelope today coming through at Gbp0.8817, the 2.0% envelope at the day's
high). Since posting the high Friday the rate has very slowly drifted lower,
touched Gbp0.8880 into Europe. Support remains at Gbp0.8880 ahead of
Gbp0.8855/45. Resistance Gbp0.8905 ahead of the Cloud top at Gbp0.8911 and
Gbp0.8930(61.8% Gbp0.9099-0.8656). Market remains on Brexit headline watch,
especially the chance for a no-confidence vote in PM May's leadership.
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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