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Recovery off Tuesday's pullback low...>

EURO-STERLING
MNI (London)
EURO-STERLING: Recovery off Tuesday's pullback low of Gbp0.9156 met initial
resistance at Gbp0.9124 in NY Tuesday and continued to meet resistance here
through earlier Asian trade. Rate dropped back to Gbp0.9189 in early Europe
before it began its slow push higher, though again it was seen meeting headwind
resistance ahead of Gbp0.9220 ahead of NY. Early NY provided the impetus to push
rate through Gbp0.9224/27 (Gbp0.9227 76.4% 0.9249-0.9156), the added momentum
taking rate on to Gbp0.9248, falling just short of a retest of Tuesday's high of
Gbp0.9249. Move takes rate back above the topside if rate's 1.0% 10-dma
envelope, a break of Gbp0.9250 to Gbp0.9306 (1.618% swing Gbp0.9249-0.9156)
ahead of the topside of the 2.0% envelope at Gbp0.9311. 
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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