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Recovery off the recent low of........>

EURO-STERLING
MNI (London)
EURO-STERLING: Recovery off the recent low of Gbp0.8620 faltered Friday around
Gbp0.8792 as rate touched the topside of its 1.0% envelope (10-dma). Rate
dropped back, led by Eur/Usd's stronger downside correction over cable, to a low
of Gbp0.8735. Through the balance of Friday's session rate edged back to
Gbp0.8778. In Asia sterling picked up some minor demand, aided by sterling 
positive M&A deals (Takeda/Shire, Canada Star Group but of Sky Bet Gbp3.4bn)
allowing the cross to ease to GBp0.8755/60 with early Europe pressing it to
Gbp0.8752. Support seen at Gbp0.8738/35 with the 10-dma at Gbp0.8705. The
topside of the 1.0% envelope today comes in at Gbp0.8792. 
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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