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Recovery was capped at Gbp0.8900......>

EURO-STERLING
MNI (London)
EURO-STERLING: Recovery was capped at Gbp0.8900 Monday but underlying tone
remained buoyant. However, cross was able to extend its corrective pullback to
Gbp0.8883 into early Asia, consolidated around Gbp0.8885 through the early part
of the session before it picked up fresh demand interest ahead of Europe. Rate
has edged to Gbp0.8894 as sterling trades defensively in early European dealing,
cable easing to retest Friday's low of $1.2777. Resistance remains into
Gbp0.8900 ahead of Gbp0.8915/20 with the topside of the 1.0% 10-dma envelope
moving up to Gbp0.8933. Support noted into Gbp0.8880. Month-end approaching
which could see cross demand emerge.   
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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