The Sterling (GBP) was very calm but pressured to the downside with the general risk off mood in the market. EUR/GBP tried to extend gains but failed to push much further into the 0.8900 region. The outlook is mixed to negative given the tough austerity measures announced by the government. Overall the GBP/USD traded with a low of 1.6284 and a high of 1.6438 before closing the day at 1.6430 in the New York session.
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