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EURO-STERLING: Sharp snap back Tuesday saw rate recover off an early Europe low
of Gbp0.8466 to a high of Gbp0.8527, the move taking the rate back above its key
10-dma but struggled to hold. Rate eased to Gbp0.8480 through the 1600GMT fix
before closing the day toward Gbp0.8500. Recovery extended to Gbp0.8516 in early
Asia in response to the reported Iranian missile strike retaliation (cable
trailed EUR/USD's stronger react) but again rate struggled to hold gains above
the 10-dma(current Gbp0.8504), eased to meet initial support at Gbp0.8490,
though recovery effort struggled to edge back above Gbp0.8500. Fresh selling
into Europe has pressed the cross down to Gbp0.8475. Traders may watch for any
activity into the 0800GMT fix for any recovery reversal. However, while rate can
hold below the 10-dma seen keeping sterling buoyed with support noted at
Gbp0.8466, stronger between Gbp0.8460/50. Below here to expose the base of the
1.0% 10-dma envelope at Gbp0.8419.