GBP Trading Outlook (18-02-2011)

The Sterling (GBP) BOE member Sentence was quoted as supporting interest rate hikes sooner and Cable was also supported by an increase in the February CBI UK Industrial Trends survey to 23 vs. 17 previously both combined to push the Cable higher. Overall the GBP/USD traded with a low of 1.6073 and a high of 1.6190 before closing the day at 1.6090 in the New York session. Looking ahead, January Retail Sales forecast 0.5% vs. -0.8% previously.

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