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EURO-STERLING
MNI (London)
EURO-STERLING: Sterling retains a firm tone vs the EUR with the rate currently
holding close to the base of its 1.0% 10-dma envelope, which we have mentioned
in several bullets that the rate doesn't like to be outside for too long.
However, the 10-dma being a short term moving average as rate holds heavy so the
10-dma will move lower. Base of the envelope today comes in at Gbp0.8849, the
rate having been held through Asia between Gbp0.8837-50, currently trading
around Gbp0.8847. Support seen at Gbp0.8815/10. Resistance Gbp0.8850, Gbp0.8865.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com