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The cross also reflected sterling's...>

EURO-STERLING
MNI (London)
EURO-STERLING: The cross also reflected sterling's recovery, the move lower
powered by cable's strong recovery, overtaking EUR/USD as the USD came under
general risk driven pressure. EUR/GBP, which had been capped Friday by the top
of its 1.0% 10-dma envelope at Gbp0.9055, managed to drop back through its
10-dma (current level at Gbp0.8954) to a low of Gbp0.8916, with recovery efforts
so far holding around the Gbp0.8930 level. Whilst rate can hold below its 10-dma
it keeps the near term outlook bearish, with the base of the 1.0% envelope,
currently coming through at Gbp0.8864, exposed.   
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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