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Sharp rally in sterling, cable recovering.....>

CABLE
MNI (London)
CABLE: Sharp rally in sterling, cable recovering off an early Europe low of
$1.3141 to current level around $1.3212. If momentum can be maintained seen
opening a move toward $1.3230(76.4% retrace of the move down from the month-end
high of $1.3284 to $1.3054). A break to then expose the top of the 1.0% 10-dma
at $1.3259. EUR/GBP, which managed to ease back below its 10-dma
Monday(currently at Gbp0.8509), and maintained the move in earlier Asian trade,
has extended to Gbp0.8466 with support noted in the cross into Gbp0.8450, the
base of the 1.0% 10-dma envelope currently at Gbp0.8424. 
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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