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Touched a fresh YTD high of...........>

EURO-STERLING
MNI (London)
EURO-STERLING: Touched a fresh YTD high of Gbp0.9249 in early risk averse trade
in Asia Tuesday before it pared those gains through the European morning and
into NY to a low of Gbp0.9156. Rate recovered sharply into the 1600BST fix to
Gbp0.9224 closing the day around Gbp0.9205. Rate touched a low of Gbp0.9199in
early Tokyo Wednesday before it recovered, again meeting decent resistance
around Gbp0.9224 (Gbp0.9227 76.4% Gbp0.9249-0.9156). A break here to expose
Tuesday's high.
- Rate currently seen back within its 1.0% 10-dma envelope, the top of which
currently comes through at Gbp0.9217, though seen struggling to make a clear
move below. The 10-dma currently seen at Gbp0.9126. Topside of the 2.0% envelope
has moved up by time to Gbp0.9309. 
- Cross remains in an uptrend, seen needing a move back toward its 10-dma to
relieve upside pressure. 
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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