Free Trial

Reported large buy order Monday.......>

EURO-STERLING
MNI (London)
EURO-STERLING: Reported large buy order Monday took rate to an extended recovery
high of Gbp0.8932 with the corrective pullback meeting support ahead of
Gbp0.8890. Rate then settled around Gbp0.8910 through to the close.
Consolidation in Asia saw rate contained within a tight range of
Gbp0.8895-0.8916. Last night's abstention by the DUP to support its ruling
coalition party Conservatives in a Finance Bill has prompted sterling to come
under fresh pressure in early Europe as PM May seen under further pressure to
amend the draft Brexit agreement. Cross has edged to Gbp0.8922 in opening
European trade, currently holding firm around Gbp0.8920. Rate remains outside of
its 1.0% 10-dma envelope, which it tends not to like, the topside of this
parameter coming in today at Gbp0.8875, with the topside of its 2.0% envelope
seen at Gbp0.8963. Resistance ahead of that seen at Gbp0.8932 and Gbp0.8940/50.
Support remains at Gbp0.8895/90, Gbp0.8883/75. Brexit headlines remain a key
driver of direction.   
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.