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EURO-STERLING: Release of stronger than forecast UK Jobs data Tuesday allowed
sterling to reverse recent losses, the cross breaking back under its key
technical 10-dma (current Gbp0.8525) to an eventual low of Gbp0.8492 into the
close. Rate touched Gbp0.8491 in early Asia only to bounce back to Gbp0.8501 but
underlying sterling demand countered then pressed rate to an extended low of
Gbp0.8481 where it ran into stronger support. While rate can hold below its
10-dma seen keeping outlook more toward the bearish side, a move below
Gbp0.8480/70 to expose the YTD low of Gbp0.8455, with the base of the 1.0%
10-dma envelope coming in behind at Gbp0.8440. Resistance Gbp0.8525/35.