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Sterling longs faced another..........>

EURO-STERLING
MNI (London)
EURO-STERLING: Sterling longs faced another squeeze through Monday trade, the
sales taking the cross outside the top of the EUR/GBP 1.0% 10-dma
envelope(Monday Gbp0.8550) and on to Gbp0.8592. Rate closed the day around
Gbp0.8571. Consolidation seen through Asia, with general trade subdued due to
the upcoming Christmas break, with the cross finding support at the top of the
envelope, currently coming through at Gbp0.8564. Whilst rate holds outside it
keeps the underlying tone buoyant and exposes the topside of the 2.0% 10-dma
envelope, current Gbp0.8649, with interim resistance noted at Gbp0.8595/0.8605.
A move back within the envelope will relieve the current upside pressure, expose
the 10-dma at Gbp0.8480, with interim support at Gbp0.8560, Gbp0.8525/20. 
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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