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Sharp drop back in EUR/GBP............>

MNI (London)
EURO-STERLING: Sharp drop back in EUR/GBP Wednesday, the break below Gbp0.8950
taking rate to an eventual low of Gbp0.8906 before it edged back to Gbp0.8931.
Continued pressure on the EUR (ahead of today's expected easing signal from the
ECB) eased rate back to Gbp0.8912 before it settled between Gbp0.8915/25 through
to the close. Consolidation in Asia and into Europe has seen the cross contained
by Gbp0.8919/28. As mentioned Wednesday, the move back below the 10-dma brought
the base of the 1.0% 10-dma envelope back into play, today coming in around
Gbp0.8888. The 10-dma currently comes through at Gbp0.8978. Expect interim
support/resistance between Gbp0.8906/50. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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