Free Trial

Strong sales of Eur/Gbp Thursday saw this.....>

MNI (London)
CABLE: Strong sales of Eur/Gbp Thursday saw this cross drop from above Gbp0.8700
to an eventual low of Gbp0.8643. This move provided cable with decent support,
the rate having initially tracked Eur/Usd's easing, touched $1.4146 before it
bounced to $1.4247. Cable settle around $1.4230 into Thursday's close, while
Eur/Gbp corrected back to the Gbp0.8670 area but closed back in the low
Gbp0.8660's. Cable consolidated between $1.4227-45 through Asia as the cross was
seen settled around Gbp0.8660. Attention should be noted toward the 1.0%
envelope, drawn around the 10-dma, as mentioned in recent bullets the envelope
doesn't provide support/resistance levels in their own right but rates don't
like to hold outside for too long. Thursday saw the base of the Eur/Gbp envelope
move down to Gbp0.8640, while cable envelope topside moved to $1.4243. These
envelope levels currently seen at Gbp0.8627/$1.4265. A fairly light data
calendar for Friday. Weekend approaching could prompt some risk position
adjustments due to the ongoing Syrian crisis. 
- Cable support $1.4227-12 ahead of $1.4185-70. Resistance $1.4245/50 ahead of
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.