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Rejection away from the challenge.....>

MNI (London)
EURO-STERLING: Rejection away from the challenge on the topside of the 2.0%
10-dma envelope (Jul30 high Gbp0.9190) saw cross drop back to make a
reappearance back within its 1.0% 10-dma envelope. Rate is known to be more
comfortable within its 1.0% envelope, so far this morning seen holding around
the 1.0% line. Strong cable demand into the month-end fix allowed EUR/GBP to
break lower, and with EUR/USD seeing the main weight from the USD reaction to
the FOMC, saw the cross break under GBP0.9100 to Gbp0.9089, finding resistance
at and above Gbp0.9120 ahead of the close. Trade through Asia was contained
within a GBP0.9104-23 range, trading around Gbp0.9113 in early Europe.
- Topside of the 1.0% envelope currently at Gbp0.9120, 2.0% at GBp0.9211. 10-dma
at Gbp0.9030.
- UK Mfg PMI at 0830GMT ahead of BOE MPC at 1100GMT. No change expected but
accompanying statement likely to move toward neutral/dovish on uncertain Brexit
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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