GBP Trading Outlook (07-10-2010)
The Sterling (GBP) struggled to push higher against the Dollar as the EUR/GBP rallied higher and the traders took profit on Cable at 1.5950. Today&rsquo s Bank of England Rate meeting should remain unchanged at 0.5% but the calls for expanding the Asset Purchase program are growing larger. Overall the GBP/USD traded with a low of 1.5831 and a high of 1.5942 before closing the day at 1.5890 in the New York session. Looking ahead, MPC Rate Announcement forecast to remain at 0.5%. Asset Purchase Program remains at 200bn.
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