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Strong UK Retail Sales Thursday.......>

MNI (London)
EURO-STERLING: Strong UK Retail Sales Thursday provided a boost for sterling,
which along with dovish comments from ECB Rehn, acted to press EUR/GBP lower,
extending the corrective pullback from Monday's posted YTD high of Gbp0.9324 to
Gbp0.9155. Rate recovered but held below Gbp0.9200 into the close. Into Asia
rate has drifted lower again, breaking down to Gbp0.9160 in early Europe. 
- Move sees rate extending its move back inside its 1.0% 10-dma envelope,
breaking under the 10-dma (currently at Gbp0.9232) with the base of the 1.0%
envelope exposed at Gbp0.9140. Failure to press toward this latter level could
prompt and bounce back toward the 10-dma, possibly the topside of the envelope. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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