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Rejected on its approach toward the...>

EURO-STERLING
MNI (London)
EURO-STERLING: Rejected on its approach toward the topside of its 1.0% 10-dma
envelope Thursday, after rate had earlier broken above its 10-dma. The cross
traded to a high of Gbp0.9015 yesterday before easing off to Gbp0.8964 as the
EUR came under general pressure in NY once Europe had closed. Despite the
pullback the rate closed above its 10-dma (currently Gbp0.8934) and keeps the
underlying tone buoyant, with the topside of the envelope having edged up to
Gbp0.9024. A break below the 10-dma needed to negate this current positive
outlook. 
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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