GBP Trading Outlook (03-03-2011)
The Sterling (GBP) enjoyed solid gains tracking its European neighbor higher to break above 1.6300 decisively and finish on a strong footing. Helping the major move higher was the strong jump in the February Construction PMI to 56.5 vs. 52.9 forecast. Overall the GBP/USD traded with a low of 1.6213 and a high of 1.6347 before closing the day at 1.6325 in the New York session. Looking ahead, January UK Retail Sales forecast at 0.5% vs. -0.3% previously m/m.
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