GBP Trading Outlook (23-03-2011)
The Sterling (GBP) had a good day across the board as economic data supported. February CPI gained 0.7% m/m to bring the y/y to 4.4% which is well above the target rate. March CBI Industrial Orders were strong at +5 in March. Overall the GBP/USD traded with a low of 1.6290 and a high of 1.6404 before closing the day at 1.6355 in the New York session. Looking ahead, MPC Minutes forecast at to remain at 3 raise &ndash 6 hold &ndash 0 cut.
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