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GBP Trading Outlook (01-03-2011)

The Sterling (GBP) Held up better than most but was under pressure against the USD as stock losses mounted. EUR/GBP selling helped support the major but GBP/JPY and GBP/CHF both fell. February Nationwide House Prices were at 0.3% vs. -0.2% forecast. Overall the GBP/USD traded with a low of 1.6070 and a high of 1.6280 before closing the day at 1.6240 in the New York session. Looking ahead, February Construction PMI is forecast at 52.9 vs. 53.7 previously.

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