GBP Trading Outlook (01-12-2010)

The Sterling (GBP) November GFK Consumer Confidence fell to -21 vs. -19 previously as consumer outlook darkens and UK house prices fall. GBP/USD tested 1.5500 briefly but then found support on heavy EUR/GBP selling. Overall the GBP/USD traded with a low of 1.5483 and a high of 1.5599 before closing the day at 1.5570 in the New York session. Looking ahead, November Nationwide House Prices is forecast at -0.2% vs. 0.7% previously.

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