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GBP Trading Outlook (27-01-2011)

The Sterling (GBP) received support from the MPC minutes after the shocking GDP release on Tuesday. The MPC minutes showed 7-2 vote for a hold at the last meeting. The additional member voting for a rate hike was on the back of recent high inflation numbers and fueled trader expectations of early interest rate increases. Overall the GBP/USD traded with a low of 1.5767 and a high of 1.5942 before closing the day at 1.5910 in the New York session. Looking ahead, January CBI Distributive Trades are forecast at 35 vs. 56 previously.

Back to GBP Trading Outlook Archive

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