Free Trial

Sterling pressured lower Tuesday,.....>

MNI (London)
EURO-STERLING: Sterling pressured lower Tuesday, cable tripping reported stops
sub $1.2440, before making a show under $1.2400, as EUR/GBP broke above its
recent high of Gbp0.9010 to extend on to Gbp0.9048. Cross eased to Gbp0.9026
before it closed around Gbp0.9035. Consolidation through Asia and into early
Europe has seen rate confined to Gbp0.9029/39, the underlying tone remaining
bullish. Resistance now seen at Tuesday's high of Gbp0.9048, a break to expose
the Jan11 high of Gbp0.9062 ahead of Gbp0.9070(Trendline drawn off the Oct 7
2016 high). Topside of the 1.0% 10-dma envelope has moved by time up to
Gbp0.9080. Support seen between Gbp0.9020/10, a break to open a deeper move back
toward its 10-dma, currently at Gbp0.8990. 
- UK CPI at 0830GMT. No major surprises expected but market seen on watch for
any miss due to recent dovish BOE comments. UK Retail Sales due for release
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.