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

CABLE
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
$1.4265. 
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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