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EURO-STERLING: Touched a fresh 2020 low of Gbp0.8455 in early Europe Wednesday
only to bounce back sharply to Gbp0.8504 in what looked again to be possible fix
related demand, however, no confirmation found for this idea. Rae's recovery
held below its 10-dma which is seen keeping the current underlying buoyant tone
for sterling in place. Rate eased off to Gbp0.8465 in early NY then rallied back
to Gbp0.8494 through the 1600GMT fix before it settled around Gbp0.8480 into the
close. Early downside pressure in Europe extended the intraday base to Gbp0.8472
Thursday only to bounce back to Gbp0.8487 in another possible round of fix
related demand. However, effect seen mild and rate currently seen heading back
toward the earlier low. Decent support remains in place between Gbp0.8455/50, a
break to expose the base of the 1.0% 10-dma envelope which currently comes
through at Gbp0.8413. The 10-dma has moved lower by time to Gbp0.8498.
Resistance Gbp0.8505/15, Gbp0.8430.
- Option expiries of note for today's NY cut seen below current levels at
Gbp0.8458(E747mln), larger interest between Gbp0.8400-0.8385 E1.77bln of EUR