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Touched an extended low of............>

EURO-STERLING
MNI (London)
EURO-STERLING: Touched an extended low of Gbp0.8430 Thursday(YTD low) as
sterling enjoyed a general boost in pre election short covering. Move saw rate
ease outside of the base of its 1.0% 10-dma envelope(GBp0.8438 Thursday), but as
mentioned rate doesn't like to be outside of this parameter for too long and
edged back inside, closing the day at Gbp0.8439. The base of the envelope has
eased to Gbp0.8423 by time at writing. Consolidation through Asia with sterling
retaining a buoyant tone, weekend polls of interest into next week. 
- Support Gbp0.8430, Gbp0.8400, Gbp0.8384. Resistance Gbp0.8450/55. 10-dma
currently comes through at Gbp0.8508.      
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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