GBP Trading Outlook (15-02-2011)

The Sterling (GBP) staged a minor rally going into Europe but found sellers lined up and pulled back to 1.6000 support once again. The BOE inflation report is the highlight of the week as BOE Governor King will have to write his 10th letter outlining the central banks response to the higher than mandated target of 2%y/y. Overall the GBP/USD traded with a low of 1.5980 and a high of 1.6081 before closing the day at 1.6025 in the New York session.

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