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Sterling performed well through the...>

EURO-STERLING
MNI (London)
EURO-STERLING: Sterling performed well through the earlier part of Tuesday's
session, allowed EUR/GBP to dip back under its technically key 10-dma at
Gbp0.8350, from Monday's high of Gbp0.8407, to Gbp0.8338. However, sterling
pared gains through the 1600GMT fix, the cross edging back up to Gbp0.8374
before closing the day at Gbp0.8367. The corrective easing continued into Asia,
the rate touching a low of Gbp0.8356 before recovering to Gbp0.8378 into Europe.
Rate currently trades around Gbp0.8373. 
- The close above the 10-dma seen keeping the recent underlying buoyant tone in
place (by time comes in at Gbp0.8348). Resistance seen into Gbp0.8400, then
Gbp0.8407/16 with the top of the 1.0% 10-dma envelope currently coming through
at Gbp0.8431. A break and clear below Gbp0.8348 expose Gbp0.8338 ahead of
Gbp0.8300/0.8295 then Gbp0.8282. The base of the 1.0% envelope currently comes
through at Gbp0.8265. 
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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