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UK markets return Monday, following...>

EURO-STERLING
MNI (London)
EURO-STERLING: UK markets return Monday, following the long weekend (closed
Friday for VE Day), saw sterling pare back Friday's gains, allowed EUR/GBP to
break and clear above its key 10-dma (current Gbp0.8747), progressing on to
Gbp0.8806 before momentum faded. Sterling recovered in early NY , with the cross
easing off to Gbp0.8751 then closed around Gbp0.8760. The close above the 10-dma
has kept the current underlying buoyant tone in place, Asia taking the rate off
its opening low of Gbp0.8760 to Gbp0.8777, settling around Gbp0.8770 for the
balance of the session and into Europe.
- Support remains into Gbp0.8750/45, Gbp0.8710/00. Base of the 1.0% 10-dma
envelope Gbp0.8660. 
- Resistance Gbp0.8806/14, top of the 1.0% envelope Gbp0.8835.  
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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