GBP Trading Outlook (04-03-2011)
The Sterling (GBP) fell on weak Services PMI at 52.6 vs. 54.5 previously and then again on heavy EUR/GBP buying which added to the Pressure on the pound. Cable held up well but in a day which should have resulted in gains given the large stock market the pair underperformed. Overall the GBP/USD traded with a low of 1.6251 and a high of 1.6336 before closing the day at 1.6285 in the New York session. Looking ahead, February Halifax HPI forecast at -0.5% vs. 0.8% previously.
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