GBP Trading Outlook (19-05-2011)

The Sterling (GBP) the Pound struggled in the risk on environment as the Data disappointed and EUR/GBP buying hurt sentiment. The BOE minutes remained unchanged from April at 6-3 unchanged-hike. The Unemployment data showed weakness in the jobs market with claims rising 12.4k in April. Overall the GBP/USD traded with a low of 1.6103 and a high of 1.6290 before closing the day at 1.6170 in the New York session. Looking ahead, April Retail Sales forecast at 0.8% vs.0.2% previously.

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