GBP Trading Outlook (27-05-2011)

The Sterling (GBP) continued outperforming the rest of the market taking advantage of the weakness in the EUR/GBP to push GBP/USD towards 1.6400. GBP/JPY consolidated above Y133. UK Consumer confidence soared in what is regards as &lsquo royal wedding&rsquo effect last month. Overall the GBP/USD traded with a low of 1.6272 and a high of 1.6410 before closing the day at 1.6385 in the New York session. Looking ahead, May HPI forecast at 0.1% vs. 0.2% previously.

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