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Reaction to Germany Merkel comments,.......>

STERLING
MNI (London)
STERLING: Reaction to Germany Merkel comments, reported by Reuters:
- GERMANY'S MERKEL SAYS WE CAN WORK ON FINDING A REGIME THAT KEEPS GOOD FRIDAY
- AGREEMENT AND ALSO ENSURES INTEGRITY OF EU SINGLE MARKET 
- CAN ALSO FIND A BACKSTOP SOLUTION BY 31 OCT
- Though there doesn't appear to be anything new that wasn't said Wednesday
(which in itself wasn't really new news) has seen cable break through its Jul31
high of $1.2250, extending on to $1.2273. Corrective pullback met support around
$1.2230, currently trades around $1.2250. 
- Key resistance for GBPUSD was originally seen at $1.2210, we had noted earlier
that a move above this level would signal a short-term reversal and the start of
a correction and open a move toward the top of the channel at $1.2316.
- EUR/GBP has dropped outside of its 1.0% 10-dma envelope, as it eased through
Gbp0.9094, as well as its recent low of Gbp0.9090. Rate has touched a low of
Gbp0.9029, currently trades around Gbp0.9054. Whilst below the 1.0% line it
exposes the base of the 2.0% envelope, currently at Gbp0.9009.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets

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