GBP Trading Outlook (08-04-2011)
The Sterling (GBP) kept inside the previous days range orbiting around the 1.6300 level. The BoE held at 0.5% as widely expected and instead tracked the Euro movement. EUR/GBP in very stable in recent session as the market waits for further catalyst to produce fresh direction.   Overall the GBP/USD traded with a low of 1.6262 and a high of 1.6352 before closing the day at 1.6320 in the New York session. Looking ahead, March PPI forecast at 2.1% m/m.
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