GBP Trading Outlook (09-06-2011)
The Sterling (GBP) was able to rebound from weakness in Europe to gain against the USD and EURO during the US session. A lot of talk from rating agencies was the main catalyst for the sharp fall at the start of the European session but the market discounted this as a very small risk. Overall the GBP/USD traded with a low of 1.6346 and a high of 1.6449 before closing the day at 1.6405 in the New York session. Looking ahead, BOE Rate announcement forecast to remain at 0.5%.
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