GBP Trading Outlook (29-09-2010)
The Sterling (GBP) had a wild day with two way action after an initial rally in Europe was sold aggressively against the trend in the US on comments from BOE Posen that there was a very clear case for further QE in the UK and serious downside risk existed if not enough support was given. Overall the GBP/USD traded with a low of 1.5717 and a high of 1.5898 before closing the day at 1.5810 in the New York session. Looking ahead, August Mortgage Approvals is forecast at 47k vs. 48k previously.
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