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Stretched up to Gbp0.9100 in post.....>

EURO-STERLING
MNI (London)
EURO-STERLING: Stretched up to Gbp0.9100 in post fix trade as sterling came
under pressure, mainly driven by cable after it broke below $1.2380. Month-end
demand interest in the cross has been suggested but no confirmation found so
far. Despite the rally the rate has remained within its 1.0% 10-dma envelope,
the topside currently coming through at Gbp0.9111. Rate retains an underlying
buoyant tone into the NY afternoon. A move outside of the 1.0envelope to expose
the topside of the 2.0% envelope, currently coming through at Gbp0.9201, with
Gbp0.9183(61.8% Gbp0.9500-0.8671) providing interim interest. Whilst rate
remains above its 10-dma (current Gbp0.9021) it is seen keeping the current tone
positive. Rejection from the top[side of 1.0% envelope top will turn attention
back toward that 10-dma. 
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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