GBP Trading Outlook (10-02-2011)
The Sterling (GBP) another blowout in the UK Trade Balance to fresh record deficit -9.25bn in December kept the Pound under pressure overnight with EUR/GBP the most noticeably mover up above 0.8500 extending 3 days of rally. Overall the GBP/USD traded with a low of 1.6030 and a high of 1.6128 before closing the day at 1.6100 in the New York session. Looking ahead, MPC Rate announcement forecast to remain at 0.5% although inflation pressures building lately is making talk of a possible hike more prevalent
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