GBP Trading Outlook (12-05-2011)
The Sterling (GBP) gained against the Euro on the BOE inflation report which increased the short term expectation of inflation. Cable gains were reversed in the US session with the Dollar revival but the market was able to hold at opening levels. Overall the GBP/USD traded with a low of 1.6320 and a high of 1.6420 before closing the day at 1.6350 in the New York session. Looking ahead, March Industrial Output forecast at 0.8% vs. -1.2%.
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