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EURO-STERLING: Sterling recovery received an added boost from release of CBI
business data which showed a sharp, post election rebound in optimism. EUR/GBP,
having reversed away from the top of its 1.0% 10-dma envelope (Jan14 Gbp0.8596)
managed to clear below its key technical 10-dma, making a brief show under the
base of its 1.0% 10-dma envelope (Gbp0.8435 Jan22)to Gbp0.8424(YTD low). Rate
recovered but met resistance at its broken support level of Gbp0.8450.
Consolidation through Asia and into Europe as rate holds between Gbp0.8430/50,
held between the base of its 1.0% envelope (by time now at Gbp0.8429) and the
mentioned resistance level. Cross tends not to remain outside of its 1.0% 10-dma
envelope for long, however, a clear below would expose the base of the 2.0%
envelope at Gbp0.8344. Focus set on Friday's release of UK flash PMI's with an
underlying hope that the post election data could further temper the recent BOE
rate cut outlook at next week's BOE MPC announcement (Jan30).