GBP Trading Outlook (21-04-2011)

The Sterling (GBP) moved to 1.6400 but underperformed the rest of the market on the back of disappointing MPC minutes. EUR/GBP took advantage to climb above 0.8800. The market will place more importance on tonight&rsquo s Retail Sales given conflicting data in recent weeks. Overall the GBP/USD traded with a low of 1.6307 and a high of 1.6429 before closing the day at 1.6405 in the New York session. Looking ahead, March Retail Sales forecast at -0.5% vs. -1% previously m/m.

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