GBP Trading Outlook (01-04-2011)
The Sterling (GBP) was higher pushing above 1.6100 but found heavy resistance and reversed back to support at 1.6040. March HPI fell -0.1% vs. 0.3% previously and as expected. While Cable Holds above 1.6000 tentative bottom may be in place but the market is still very uncertain on the UK going forward. Overall the GBP/USD traded with a low of 1.6014 and a high of 1.6154 before closing the day at 1.6040 in the New York session. Looking ahead, March PMI Manufacturing is forecast at 60.6 vs. 61.5 previously.
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