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Recovery off Thursday's low of........>

EURO-STERLING
MNI (London)
EURO-STERLING: Recovery off Thursday's low of Gbp0.8713 saw rate touch a high of
Gbp0.8753 before it drifted back to Gbp0.8726 into the close. Rate lifted back
in Asia before meeting resistance at Gbp0.8740 into early Europe. Further demand
has extended move to Gbp0.8744. Resistance noted at the cloud base of Gbp0.8760.
Early enthusiasm for sterling Thursday based on positive headlines concerning an
extension to the customs union with the EU but conflicting comments during the
day saw sterling whipped around and in the process lost its shine. Support seen
at Gbp0.8724/13 ahead of Gbp0.8705(61.8% Gbp0.8620-0.8843) and the base of the
1.0% envelope currently coming through at Gbp0.8684. The 10-dma currently sits
at Gbp0.8772.  
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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